The cryptocurrency market is gradually recuperating following Monday’s bloodbath as traders reflected on the potential crypto ban in India. Ripple (XRP) has been consolidating in a range after attaining highs of $0.688 on Feb. 22. BTC’s upswing to highs of $61k on Mar. 13 had minimal impact on XRP as it managed to briefly leave the corridor. XRP succumbed to the bearish pressure that hit the crypto market as it plunged briefly to lows of $0.3982. On Mar. 16, XRP/USD price spikes to intraday highs of $0.543 following a rebound. At the time of writing, XRP is changing hands at $0.4753, up by 10.44% in the last 24 hours and 1.35% on a 7-day basis. Ranking 7th largest, the XRP market cap stands at $22.07 billion with $6.07 billion in trade volume over the last 24 hours. A report by CPA Australia on the CBDCs model indicates that the Ripple (XRP) is looked on more favorably by banks and governments. The report states that “Ripple and XRP enjoy the trust of many banks as a model for CBDCs because it is highly centralized and is based on a Permissioned network as opposed to decentralized and permissionless Bitcoin and Ether.”
*XRP plunged briefly to lows of $0.3982
*XRP is changing hands at $0.4753, up by 10.44%in the last 24 hours and 1.35% on a 7-day basis
*Ripple and XRP enjoy the trust of many banks as a model for CBDCs because it is highly centralized
Resistance Levels: $0.7707, $0.6500, $0.5500
Support Levels: $0.4000, $0.3610, $0.3248
XRP/USD Daily Chart: Ranging
XRP/USD Daily Chart
XRP price rose to intraday highs of $0.543 on Mar. 13. The bulls however lost steam, failing to push the asset to the $0.60 resistance level. XRP faces a solid barrier beyond $0.55 which must be surmounted for a possible retest of the $0.688 high. The RSI at midline suggests equal opportunities to the bulls and the bears.
On the other hand, XRP bulls are currently battling to hold the MA 50 support at $ 0.46. The advantage may shift in favor of the bears if XRP loses the MA 50 Support. In this case, XRP may revisit support at $0.40 coinciding with the ascending trend line support. If the sellers can sink the price below the $0.40 support, XRP/USD could drop to $0.361 located at the MA 200.
XRP/USD 4-Hour Chart: Ranging
XRP/USD 4-Hour Chart
On the 4-hour chart, XRP is trading at $0.4709 while squeezed between the MA 50 formerly resistance, and the MA 200. XRP managed to breach above the MA 200 at $0.4912 but the bulls now struggle to sustain the move. XRP has since returned into the upper part of the range above the MA 50, awaiting a clear breakout.
However, the uptrend may not come easy due to the hurdles anticipated at the MA 200 close and $0.60. On the downside, support is anticipated at the MA 50 ($0.4580), $0.40, and $0.361, respectively. The XRP/USD pair stays bullish while trading above the MA 50 zone and the $0.40 level.
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