Ripple(XRP) has been on the radar of investors and swing traders for quite some time now. The momentum of crypto-markets is catching up, as a result, Bitcoin set an all-time high record of $61,683. XRP was not behind and surged to $0.515 on March 16, 2021, signaling a potential bull run. But due to selling out by whales, the markets could not sustain the highs.
However, the retail investors are confident about XRP Price hitting and potentially crossing the yearly high. A Netizen took to social media indicating the bullish momentum shortly.
— Saif Alzahrani (@SaifAlzahrani20) March 15, 2021
XRP Price Analysis
The crypto market has resorted back to the consolidation phase and is expected to make big moves in the upcoming days after accumulation. Charts suggest the same, as XRP is consolidating in an inverted pole & pennon pattern, with strong support levels at $0.42.
Decent transaction volumes worth $5.75 Billion have taken place in the last 24-hours. Experts suggest that, with a push, XRP shows the potential to break the multiple resistances at $0.50 and $0.52 to reach the February levels of $0.55 and above.
With the strong support of Fibonacci levels 23.6%, at $0.40, XRP can have a bull run. XRP was trading at $0.468, down -4.6% at the time of penning this article. Even the EMA, MACD Bollinger bands indicate bullish momentum.
But there is also risk of bear market taking over if the upper boundary of the resistance is not successfully broken. XRP attempted to break the upper resistance levels but was rejected due to selling pressure.
Looking at the Fibo charts, Ripple has sustained well at 0.36 and above. The tool suggests that the targets could be set to $0.8 and above if the resistance levels at .5 gets broken and selling pressure decreases.
- Resistance levels: $0.50, $0.52.
- Support Levels: $0.40
- MACD: Bullish
- RSI(14): 50