Where’s XRP Price Correction Heading By March End?

With Bitcoin failing to sustain the 10% recovery on Wednesday as it drops back under the $64,000 mark, the markets witness a bear attack. Amidst such conditions, the XRP price also fails to sustain the bullish recovery of 7% in two days as it witnesses an intraday fall of 5%. As the sellers assert dominance over the altcoins, will Ripple coin fails to prolong the uptrend drop to $0.55?

Also Read: Ripple Vs SEC Update: Judge Torres Considers Extending XRP Lawsuit Fair Enough

XRP Encounters a Bearish Engulfing Candle as Bulls Lose Ground

With an ascending trend in the daily timeframe, the XRP price sustains a bull run in motion. However, the visible peaks and retracements in the trend reflect the increased volatility amidst the market confusion.

The recovery momentum is sustained as the altcoin forms a support trendline, leading to multiple higher-high formations. However, the recent reversal from the support trendline fails to sustain the uptrend motion, as the supply at $0.64 leads to a quick drop.

With an intraday fall of 5.72%, the XRP price trades at $0.6031, leading to a new bearish engulfing candle. As the downfall comes with a surge in trading volume, altcoin is reverting to the support trendline.

Also Read: Breaking: Ripple CEO and CLO Backs Ethereum and CFTC, Say US SEC to Lose

Will the XRP Price Rebound?

As the overall market struggles to sustain the bullish momentum, the XRP price quickly exits under increased supply. Further, as per the Fibonacci retracement levels, the ongoing correction comes from the high supply pressure at the 38.20% level. 

Hence, a breakout of this level could signal an extended bull run possibility in Ripple coin. Optimistically, the uptrend can achieve the $0.75 level with the breakout rally.

Conversely, a bearish continuation could retest the dominant buyers at the support trendline. In such a case, the XRP price could fall by 12% in the coming days to test the $0.54 level. 

Technical Indicator

• BB Indicator: A downtick in the lower boundary of the Bollinger Band indicator suggests the sellers are riding a high-momentum downfall
• Moving Average Convergence Divergence: A bear crossover between the MACD(blue) and signal(orange) signals an active correction trend in motion.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.