XRP Stagnant But Technical Hitch at Exchange Propels Coin to $74
XRP is slightly higher than yesterday’s support zone. At the time of publishing, the coin was up 3% in 24 hours but still down 11% in the past week of trading. Technically, buyers still have a chance with the possibility of XRP expanding as crypto sentiment shifts.
With prices rising, the market cap is also up in tandem, reaching $33 billion at spot rates. However, trader engagement in the early hours of the London session remains low. Trading volume is down 16% to $2.4 billion. Nonetheless, it remains to be seen whether the uptrend will be maintained and if buyers will come on top, reversing recent losses.
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In the short term, the following XRP and Ripple news might shape price action:
- The United States Securities and Exchange Commission (SEC) will file its remedies-related opening brief on March 22. All proceedings will remain private. It has emerged that as prices have consolidated, most traders are at a loss. Estimations place the total drawdown at over $31 million.
- Following a technical glitch at the Atlantis Exchange, XRP prices soared to $74.50. Last year, another similar hitch at Crypto.com saw the coin reach $250. The average token price is below $1, with sellers not yielding.
XRP Price Analysis
XRP/USD prices are overly choppy, looking at price action in the daily chart.
Prices are above the $0.56 to $0.59 support zone. However, XRP is still below the 20-day moving average.
Since the leg down forms part of the M-formation after the formation of the double top in early March, sellers have a chance.
A breakout above $0.66, reversing March 19 losses and powering above the middle BB might rejuvenate buyers. In that case, the coin might float to $0.74.
Conversely, losses below the March 20 lows at $0.57 could see bears target $0.50 in a bear continuation formation.
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