XRP Price Prediction – March 17
The Ripple (XRP) renews the bullish trend after testing the support level of $0.43 early this morning.
Resistance levels: $0.56, $0.58, $0.60
Support levels: $0.38, $0.36, $0.34
XRP/USD is currently following an upward roll after plunging under $0.45 to test support at $0.39 a few days ago. The cryptocurrency has on several occasions been purged from highs above $0.55. A monthly high traded at $0.54 marked the end of the bullish action towards $0.50 and paved the way for losses under $0.45.
What is the Next Direction for Ripple?
XRP/USD is making an intriguing recovery towards a $0.55 resistance level. The initial break above the upper boundary of the channel boosted the price farther up. The Ripple (XRP) hit highs above $0.50 before retreating back to where it is currently trading. Meanwhile, from above, more hurdles may come into play above the 9-day and 21-day moving averages and of course, the nearest resistance level is located at $0.55.
However, the daily movement remains in the hands of the bulls supported by the technical indicator where the RSI (14) is crossing above 50-level, building on the consistent recovery from the downside recorded yesterday. Ripple’s bullish scenario is emphasized by the technical indicator as it extends the action towards the north.
Meanwhile, a break above $0.56 and $0.58 resistance levels may most likely push the coin above the potential $0.60 resistance level while a break below the moving averages may lead to the supports at $0.38, $0.36, and $0.34 respectively.
Against Bitcoin, the pair is consolidating to the downside and moving within the 9-day and 21-day moving averages. Meanwhile, bulls have been trying to push the price above the moving averages; breaking above the channel may likely take it to the resistance levels of 1000 SAT and above.
On the other hand, if the coin decides to follow the downtrend, it may likely hit the critical support at 650 SAT and below. Meanwhile, the technical indicator RSI (14) is moving around 40-level, suggesting sideways movement.