Ripple Price Analysis & Prediction (Feb 28th) – XRP Consolidates Under Resistance Following Sharp Rejection, Where Next?

2023-3-2 09:16

The price of XRP increased by 6.2% in the past week following a monthly recovery above $0.36. It is currently in the middle of consolidation and will likely move out of the phase soon.

Ripple found support above the $0.36 level and has managed to recover briefly in the past week with a retest at the $0.4 level. It attempted to push higher but the resistance level continues to suppress bullish actions.

Today, it shows little signs of weakness due to a rejection at the above resistance level. XRP is priced at $0.39 with 1.6% losses over the past hours. The sellers are showing interest. A dip below the previous recovery level will give the bears an upper hand.

Despite the past days of recovery, the price is still looking indecisive. An increase above the mentioned resistance level could trigger a surge in volatility. However, it needs to retake the previous high before we can validate a strong buy. As of now, the price is trapped in the middle of consolidation.

Meanwhile, the ongoing lack of interest indicates low trading activity over the past few days. We can expect decent volatility as soon as volumes start to troop into the market again.

Ripple’s Key Level To Watch Source: Tradingview

While the price has remained under the $0.4 resistance level for a week now, the resistance level to keep in mind above it is $0.42. The following resistance level is $0.444 and potentially $0.488.

if by any means XRP lost this week’s support at $0.38, there’s an hourly support level at $0.373 and $0.36 – which marks a recent recovery level. Below it lies $0.35 and $0.33 supports. The $0.3 support remains the last defense line for the bulls from a short-term perspective.

Key Resistance Levels: $0.4, $0.42, $0.444

Key Support Levels: $0.373, $0.35, $0.33

Spot Price: $0.39 Trend: Bearish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: cepn/123RF // Image Effects by Colorcinch

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