Ripple Price Analysis & Prediction (March 8th) – XRP Drops by 7% Weekly, Facing Key Support Level

2023-3-13 10:42

Ripple turned down a key resistance level weeks back and showed signs of weakness. After the price fell to a seven-week low, it recovered sharply and remained calm for a while before resuming pressure.

XRP’s performance has been quite unimpressive for some days due to the ongoing meltdown across the crypto space. It witnessed a substantial loss since the price fell off the $0.433 resistance in January. 

It continued to roll over this week as selling pressure wicked at the $0.354 level with a sharp rejection. The price bounced off the level quickly and push to where it is currently consolidating at $0.368.

The asset resumed pressure yesterday as the bears continued to gain dominance. Today’s slight recovery in Bitcoin’s price has no impact on XRP. We can expect the price to keep dropping for the next couple of days. The price is facing support at the moment. 

While the 4-hour chart reveals the price remains in the middle of consolidation, the daily charts continue to paint red as more actions are underway. The bears are preparing to claim lower levels. The bulls are showing no sign of interest as they continue to remain weak.

Meanwhile, the price actions have been relatively insignificant for some days due to a low selling volume. The trading volatility is considered moderate on a daily. A notable price movement should be expected as soon as volume troops into the market.

Ripple’s Key Level To Watch Source: Tradingview

In a bid to break down the current support at $0.366, the potential level to pay attention to lies at $0.35, followed by $0.33 before rolling lower to $0.3. 

If a recovery comes into play, the $0.384 and $0.4 resistance levels may be revisited. An increase above these levels could shoot the price to $0.42 and $0.44. For now, the bears are taking charge.

Key Resistance Levels: $0.384, $0.4, $0.42

Key Support Levels: $0.366, $0.35, $0.33

Spot Price: $0.368 Trend: Bearish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: artimagination/123RF // Image Effects by Colorcinch

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