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Technical Analysis for XRPUSD for 15th March 2023

Ripple in a Bull Flag, Uptrend Valid Above $0.35

Past Performance of XRP

Ripple prices remain suppressed, as visible in the daily chart. Although there are gains, buyers are not fully in control. The overall trend is upward from the XRP candlestick arrangement from December to January 2023. Nonetheless, the coin is currently within a bull flag, as has been the case after XRP peaked in January. The lower lows of the past few weeks need to be broken for a clear trend to emerge. Any bullish breakout above $0.40 could draw demand, reviving optimistic buyers.

Ripple Technical Analysis

In the past few weeks, XRP remains under pressure. It is down 14% from January highs, with support at $0.35. With prices edging lower inside a bull flag, prices must soak any attempt for lower lows if the uptrend is to resume. As it is, traders can wait for confirmation of recent bull pressures above $0.40. If the surge is with expanding volumes, XRP may print higher in a buy trend continuing formation towards January high at $0.45.

What to Expect from XRP

The coin is within a descending channel, inside a bull flag. With defined limits, buyers will be in charge if prices are above $0.35. However, this could change should there be a contraction, confirming March 9 losses. In that case, XRP may drop to December 2022 lows.

Resistance level to watch: $0.40

Support level to watch: $0.35

Disclaimer: Opinions expressed are not investment advice. Do your research.

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