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XRP Price Analysis March 31

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Ripple’s XRP price slipped by just 0.61% on Friday to end the day at $0.50025, though things could have been a lot worse for Ripple investors, with Ripple’s XRP sliding to an intraday low $0.46626 in the early hours of Friday morning.

Moves through the day were not too dismilar to that of Litecoin’s, with the day’s low falling through the first major support level of $0.4701. Support was strong at sub-$0.50 levels, driving Ripple’s XRP to an intraday high $0.5263 in the late morning.

Investors didn’t hold out for a move through the day’s 23.6% FIB Retracement Level of $0.5464 to test the first major resistance level of $0.5564, with a mid-afternoon pullback stemming from broader market sell-off leading to a test of the first major support level for a 2nd time.

A late evening rally off the back of the day’s major support level saw Ripple’s XRP limit losses on the day, while the bearish trend formed back at 19th March’s swing hi $0.72872 remained intact.

At the time of writing, Ripple’s XRP was up 1.89% to $0.5089, with sub-$0.50 support levels tested early in the day, a morning low $0.4952 testing the $0.50 psychological support level, whilst avoiding the day’s first major support level of $0.4689.

This morning’s $0.52314 high fell short of major resistance levels, with the day’s 23.6% FIB Retracement Level of $0.5285 and first major resistance level of $0.5289 likely deliver plenty of sellers as Ripple’s XRP moves alongside the broader market.

For the day ahead, a move back through to $0.52 levels would support a run at the day’s major resistance levels, with any moves beyond dependent upon the broader market sentiment that may well turn bearish late in the day, if historical weekend moves are anything to go by.

XRP/USD 31/03/18 Hourly Chart

 

 

FXempire

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