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XRP/USD Pair Struggling Against Key Resistance of $0.47

Cryptopolitan


TL;DR Breakdown

  • XRP/USD Trading pair faces a major price hurdle; failure to overcome might attract a bearish trendline. 
  • XRP/USD closed the week in style after gaining over 0.33%, a bullish trendline that saw a gain of 1.79%.
  • XRP began the 24-hour chart at $0.461678 against the US dollar after $0.472746 ATH in the early trading hours.  

XRP/USD price analysis: General price overview

Ripple (XRP) is at $0.465187 and has its major support at $0.4590 on the 24-hour trading chart.  The XRP/USD pair is facing a key price hurdle near $0.47 and the bulls need to remain intact and sustain the pair above the 38.2 Fibonacci retracement level. 

If the coin does not maintain its position above $0.4639 on the daily chart, a downswing is imminent; which might pull the price further down below $0.42. 

XRP/USD closed the weekend in style after gaining over 0.33%  by the end of March 7. This was a continuation of Saturday’s bullish trendline that saw the coin attain a percentage gain of 1.79. The coin opened the daily 24-hour trade chart at $0.46613. Giving further proof that the coin was at the center of a resistance breakout. 

This is because despite undergoing slight gains,  XRP still lies within a bearish triangle. Several resistances have rejected its weekend trendline. As a result, the XRP 24-hour chart indicates few instances of a head and shoulder pattern. Nonetheless, the bulls are anticipating a breakout above $0.47 and $0.48; to sustain the price strongly against Pipple’s quick buy and dump trading strategies. 

XRP/USD price movement in the past 24-hours

(Source: Tradeview)

I mentioned that XRP began the 24-hour chart at $0.461678 against the US dollar.  The coin kicked off with a sharp bullish pattern that saw it set a daily high of $0.472746 during the early hours of trading.  

Price movements across the daily chart indicate a percentage gain of 0.04% and a swing low of $0.457004. 

Other indicators include the 23.6% Fibonacci retracement level which is at $0.5320 and the 62% Fibonacci extension level at $0.3521.  

The daily chart indicates a pivot level of $0.4639 and a key resistance zone near $0.4707. 

XRP/USD pair 4-hour chart

XRP/USD
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(Source: Tradeview)

Ripple (XRP) was up for a greenish candlestick pattern before being rejected by key resistance at $0.4729. As a result, the coin reversed towards $0.4570. The good news is the bulls are holding on towards their target of $0.47. During press time, XRP is trading at $0.46.  The bears are injecting massive selling pressure to see the coin hit below the 12-hour support of $0.4590. 

XRP/USD price prediction

The coin has to remain intact around the pivot level of $0.4639 in the hours ahead. Bulls are aiming for $0.47 and the bears would do anything to create another price hurdle near the 38.2% Fibonacci retracement level. 

The bulls are also rooting for support from the wider market to sustain the coin’s price above the past few price hurdles.

Conclusion

After a long 2021 Q1 battling a lawsuit with the Securities and Exchanges Commission, Ripple has some good news for the bulls.

The cryptocurrency firm announced that it would be testing a new private XRP ledger platform to help central banks build and deploy stablecoins (CBDCs). 

Institutional adoption of the Ripple blockchain is the key driving force for XRP‘s price. And therefore, this makes a piece of good news for some bullish forecasts. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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