RIPPLE PRICE ANALYSIS & PREDICTION (March 20) – XRP Remains Above $2 But is Likely to Lose Grip Soon
XRP survived last week’s bearish heat and finally managed to hold above a critical support level when they struck the market with another heavy supply. Facing a rejection, it now trades calmly after a bounce.
Last week’s trading started painfully as several altcoins posted double-digit losses due to a severe decline. During that period, XRP was on the verge of breaking below $2, which has been a critical support level for months.
Surprisingly, the price bounced back and increased to where it currently trades at $2.3 after a slight rejection. This led to a suspense in the drop and the price is now looking strong on the day.
Following the recent price bounce, which looks more like a retracement movement, XRP will likely resume bearishness anytime soon. It seemed to be gathering momentum for a big crash on the daily timeframe.
In fact, the indicator for this potential bearish movement lies in the lower low and lower high pattern on the daily chart. Though the late February pump and the early month dump almost invalidated the pattern, it is still looking intact. As we can see, the bigger picture is playing out.
A breakdown of this critical support will cause serious havoc in the future. But if it continues to stand well, XRP may activate bullish as the demand level increases significantly. The bears are still in control.
XRP’s Key Level To Watch
Towards the upside, XRP may face some barriers at the $2.64 resistance level and $2.99 – the recent pump-and-dump level. Surpassing it could send the price to $3.4 with a potential breakup.
If it loses momentum again, a dip below the $2 support could plummet the price straight to $1.77, $1.53 and $1.28 while $1 remains a key level to watch for such a breakdown.
Key Resistance Levels: $2.64, $2.99, $3.4
Key Support Levels: $2, $1.77, $1.53
- Spot Price: $2.34
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
