Ripple (XRP) Price Analysis: XRP Held On Support Level Of $ 0.23 After Heavy Downfall 

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Ripple is finally showing sustainability at the support level of $0.23.
  • The heavy downfall faced by ripple after touching the resistance area of $0.35 is coming to end.
  • The fundamental support was also provided by the community at the same time. 

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From the starting of February, Ripple was enjoying pricing growth due to the significant bullish momentum in the market. It crossed the major hurdle of $0.30 without any hesitation and reached its critical resistance area of $0.35.

Due to which it started facing a heavy downfall which resulted in significant price pullback. It touched the major support level of $0.20 and currently held upon it. The crypto assets have been doing good in pair pricing also. The XRP/BTC pair is at a price level of 0.00002683 BTC. The ripple ethereum price is 0.00104563 ETH.

FUNDAMENTAL ASPECT

For maintaining sustainability for the support level, the community is also providing fundamentals inputs for the third-largest crypto assets in the world.

  • On 2 March, RippleNet announced that it will be partnering with The National Bank Of Fujairah to provide a platform that will allow the bank to be able to make seamless cross border payments around the globe.
  • Luno, one of the leading e-wallet cryptocurrency exchange company finally added Ripple to its tradeable asset roster after a long wait. It promised its customers that they will be able to make XRP trades on its platform without a hassle with the same simplicity as its other digital assets offer.
  • David Schwartz, Ripple’s CTO, said that the network is in the potential to launch third party cryptocurrencies soon.

TECHNICAL ASPECT

Screenshot (29)
Source: Tradingview

The technical chart reflects on the bullish momentum build by Ripple from the starting of February which is later followed by the downtrend line. XRP touched its year-high of $0.35 during its bullish momentum and currently is at the support level of $0.22 due to the downtrend.

The technical indicators and oscillators suggest that the support level of $0.22 will provide XRP the needed boost. MACD levels are reaching the bullish zone which is a positive sign. RSI is also reaching a strong bullish level of 60 in the graph. CCI is also in the normal region but close to the overbought zone.

Resistance level: $0.28 and $0.35

Support level: $0.22 and $0.20   

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