XRP Spikes, Attempting to Reach $0.35 (XRP USD Price Prediction: March 29)

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At BeInCrypto, we publish regular price analyses and predictions for XRP. In our Mar 28 analysis, we predicted that XRP—still known widely as Ripple—would experience slight decreases and possibly reach one of the support areas defined below. It reached the first support area we traced later that day. However, an upward move was subsequently initiated, and XRP increased to touch the first resistance area. Is XRP attempting to reach $0.35?

On March 26, 2019, the price of XRP (XRP) reached a low of $0.297. Since then, it has been gradually increasing.

Highs of nearly $0.32 were reached on Mar 28.

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Can we expect XRP to reach $0.35 or will it fall back under $0.30 again?

XRP (XRP): Trends and Highlights for March 29, 2019

  • The price of XRP has been on an uptrend since Mar 26.
  • XRP is trading inside a horizontal channel.
  • There is bearish divergence developing in the RSI and the MACD.
  • There are resistance areas near $0.325 and $0.316.
  • There is support near $0.302.

Horizontal Channel

The price of XRP on Binance is analyzed at one-hour intervals from Mar 25 to Mar 28.

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The price reached a high of $0.315 on Mar 27. A gradual downtrend followed. The price has reached the same level four times.

Tracing these highs gives us a horizontal resistance line:

XRP reached a low of $0.309 on Mar 27. A gradual uptrend ensued. Since then, the price has revisited the same level three times.

Tracing these lows gives us a horizontal support line.

The resistance and support lines combine to create a horizontal channel. This is a neutral pattern with long-term price gain and losses expected within the channel. If XRP continues trading within this channel, a high of $0.35 appears unlikely.

It is likely that the price will continue trading within the confines of the channel until a decisive upward or downward move occurs.

Future Movement

To better determine future possible price fluctuations for XRP, we integrate technical indicators into our analysis.

About the Indicators: The moving average convergence divergence (MACD) is a trend indicator that shows the relationship between two moving averages (long and short-term) and the price. It is used to measure the strength of a move. The relative strength index (RSI) is an indicator which calculates the size of the changes in price in order to determine oversold or overbought conditions in the market.
Combining RSI and MACD bullish/bearish divergence with support/resistance essentially predicts price fluctuations. These are traced in the graphs below:

On Mar 27, the price reached a high of $0.315. On Mar 29, it made a higher high of $0.319, before closing at $0.315

Similarly, the RSI and the MACD made the first high on Mar 27. However, they have proceeded to generate lower values since.

This is known as bearish divergence and often precedes price decreases. The possibility of a drop toward support appears likely.

Resistance and Support

To better assess possible reversal areas in the future, the price of XRP on Binance is analyzed at six-hour intervals from Feb 25 to Mar 29

Resistance and support lines are created when the price revisits the same level several times. They help to determine possible future price values given increases, decreases, breakouts, and breakdowns.

There are two visible resistance areas, near $0.325 and $0.317. If the price continues to increase, XRP may reach these areas. According to our analysis, this is unlikely.

The closest support area is found near $0.302. If the price breaks down from the channel, it is likely that it will reach this area.

Summary of Analysis

Based on this analysis, the price of XRP is likely to drop to the support area of the channel and possibly break down. A high of $0.35 does not appear likely. On the contrary, price may drop closer to $0.30 before a subsequent rise back toward the resistance line.

Do you think the price of XRP will break down from the channel? Let us know in the comments below.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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