Ripple (XRP) Price Analysis: Short-term pullback : Price Analyses

Ripple (XRP) Price Analysis: Short-term pullback

Bears have retaken control of Ripple in a major retracement move to the downside.

Despite the heavy volume on the 13th of March, prices were unable to hold above the first and second resistance zones near .8200. Prices are now due to fall lower under heavy buying pressure supported by strong volume.

In support of the bears, the MACD and RSI are both pointing downwards as the sell off continues. Price is also below the SMA of the Bollinger band but could bounce off the lower limit at .7900.

Ripple’s price flies in the face of some positive developments for the cryptocurrency. The coin recently announced that developer, Xpring, would invest $100 million into the blockchain gaming industry.

Ripple’s press release mentioned that it would work to settle transactions across different blockchain protocols.

 

Aaron Dwayne

Aaron has been reporting on financial markets for more than 6 years. He now spends his time contributing to PriceAnalyses and studying geography. Contact: aaron@priceanalyses.com.