Technical Analysis for XRPUSD for 18th March 2022
Ripple Prices in a Bull Flag, XRP Could Rally Above $0.90
Past Performance of XRP
There is a bull flag in the daily chart of the XRPUSDT. Ripple buyers have the upper hand, but prices remain in consolidation below $0.90, an important resistance line. At spot rates, risk-off Ripple traders may load on dips above $0.70—or March 11 bull bar, expecting a bullish breakout above the resistance trend line—the bull flag—towards $0.90.
Ripple Technical Analysis
XRP is, in the medium term, bullish. However, how prices move in the short term depends on the reaction above the defining resistance and support trend line forming the bull flag. Currently, prices are within the March 11 bull bar, a positive signal from volume analysis. Accordingly, traders may load on dips provided prices trend above $0.70. A close above $0.84 and the bull flag would quickly trigger demand, possibly lifting XRP towards $0.90 or better. Conversely, sharp dumps below $0.70 would slow down bulls, forcing XRP to $0.65.
What to Expect of XRP
Ripple is recovering after an extended period of lower lows. Exciting fundamentals such as their decision to give out 1 billion XRP as developer grants would likely support prices.
Resistance level to watch: $0.90
Support level to watch: $0.70
Disclaimer: Opinions expressed are not investment advice. Do your research.
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