Price Analysis

XRP Manages a Bullish Breakout Yet Again; Ends the Pullback Spree

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  • XRP has just reversed its downward price correction; uptrend may sustain
  • The coin has breached the falling wedge pattern with a bullish breakout
  • The support level for the coin stands at $0.2247 while resistance appears above $0.2400
  • XRP has recently faced rejection at $0.2414; however, the coin has just moved above the 200-day EMA line

Ripple is busy proving its potential at the moment as it has just struck a crucial price rebound near $0.2338. The coin still has room to surge further and the price levels above $0.2400 are to watch for as price barriers seem all set there.

XRP was trading just above $0.2300 when it opened on the first day of this month. The coin kept consolidating till it neared the closing time and then just before opening on March 2, it escalated. The price rise took the coin above $0.24 before it closed the day.

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XRP/USD Chart By TradingView

Today, the coin has started the day on a bearish note as the coin continued to pullback. However, in the last few hours, it has halted the XRP price drop and has breached the falling wedge also, with a bullish breakout. Not just that, XRP has crossed the 200-day EMA line with a bullish bias noting a strong positive signal.

Here, Bollinger bands are about to enter the volatile phase as they look wide at the moment. XRP is well above the 38.20% Fib level now while trading at $0.2370 at 10:24:54 UTC. Meanwhile, the MACD indicator is heading towards the bullish territory with its signal line on the downside.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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