March 4, 2021

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Ripple Analysis: XRP May Drop to $0.12 Low if Bulls Fail to Overcome $0.17 Resistance

On the 4-hour chart, the third most valuable cryptocurrency by market cap, Ripple (XRP) has been consolidating between the low of $0.12 and a high of $0.16. The coin is in consolidation because the bulls failed to break above $0.17 resistance.

Before this time, the cryptocurrency was trading above the $0.20 support level. XRP was in consolidation for three days above $0.20 support before the resumption of a downtrend. On March 12, the bears broke the $0.20 support and price fell to a low of $0.12.

The price pulled back above $0.14 and resume fluctuation. Currently, the market is fluctuating between $0.12 and $0.16. On the downside, if the bears break $0.12 low, Ripple XRP will fall to the low of $0.10. On the upside, if the bulls break above $0.16, XRP will rally above $0.20.

Ripple May Further Depreciate to $0.12 Low

Presently, on the daily chart, the market has been consolidating above $0.14 after the March 12 breakdown. There are small body candlesticks that appear which describes the indecision between buyers and sellers. However, since the inception of the downtrend at $0.35, the market has been dropping after a consolidation. At the moment, Ripple is consolidating and if the selling pressure is ongoing, the market may drop to a low of $0.10.

Key Levels to Watch

  • Key Resistance Zones: $0.35, $0.40, $0.45
  • Key Support Zones: $0.25, $0.20, $0.15

The Stochastic Indicator

Ripple is above 20% range of the daily stochastic. This implies that XRP is in bullish momentum. The market is likely to be in an upward movement.

The Relative Strength Index (RSI) Indicator

XRP is currently at level 46 of the Relative Strength index but below the centerline 50. When Ripple falls above the centerline 50; it is presumed to be in the uptrend zone.

XRP/USD Bitfinex 4-Hour Chart

XRP/USD – 4 Hour Chart

XRP/USD Bitfinex 1-Day Chart

XRP/USD – Daily Chart

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Original Article
Author: Mustapha Azeez