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Ripple Price Prediction: XRP/USD Looks to Consolidate Its Position Below the $0.16 Zone

XRP Price Prediction – March 29

The Ripple price is floating within the channel as the price has been making an effort to break past the upward trend line.

XRP/USD Market

Key Levels:

Resistance levels: $0.20, $0.22, $0.24

Support levels: $0.15, $0.13, $0.11

XRPUSD – Daily Chart

A few days ago, XRP/USD had a bullish breakout from a flag formation as it looks to consolidate its position below the $0.18 level. Yesterday, the price has gone up from $0.17 to $0.18 before giving a bearish signal today. At the time of writing, the coin is floating around the upper limit of the channel as the RSI (14) indicator moves around 46-level. The daily breakdown shows that the intraday support and resistance lie between $0.16 and $0.18 respectively.

Moreover, XRP/USD has continued to demonstrate a sign of weakness across its markets. The daily chart reveals that the coin is down with 1.65% which is reflecting a drop in market prices and the fall could become heavy if the bearish action continues. Meanwhile, the third largest-cryptocurrency has witnessed a bullish drive against USD for more than five days.

Therefore, since XRP/USD is moving in sideways on short-term outlook, traders can expect the trend to advance higher if the price actions still remain above the 9-day and 21-day moving averages. A channel breakout could strengthen bulls and push the price to the resistance levels of $20, $22 and $24 or a channel breakdown might lead the market in a bearish scenario if the price continues to fades and the closest supports to keep an eye on are $0.15, $0.13, and potentially $0.11.

When compares with Bitcoin, the trend of the pair is still perpetually looking bullish in the short-term, priced at around 2823 SAT. Meanwhile, the bullish continuation may take the price to resistance levels at 3100 SAT and 3200 SAT respectively. However, if the bulls failed to push the price towards the north, we may expect the price to fall below the 9-day and 21-day moving averages.

XRPBTC – Daily Chart

For now, the nearest support levels for the market are 2600 SAT and 2500 SAT. Looking at the chart, there’s a sign of indecisive movement at the moment but the XRP/BTC pair is slowly rising again with a bullish trading volume while the RSI (14) moves under 60-level.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.