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.
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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