On March 12, the XRP price initiated a rapid decrease and reached a low of 2,422 satoshis. However, it immediately bounced back up and closed the day at 2,835 satoshis, an 8% increase relative to its opening price.
XRP (XRP) Price Highlights
- The price is trading in a range of between 2,500 and 3,350 satoshis.
- It has broken out from a descending wedge.
- XRP is facing resistance from its 200-day moving average (MA).
- There is minor resistance at 2,850 satoshis.
Cryptocurrency trader @CryptoNTez tweeted an XRP chart stating that the price has crossed above the 2,760 satoshi level with significant volume. If the current upward move holds, he believes the price will continue all the way to 3,300 satoshis.
Crossed over ~2760 sats resistance level w/ great volume as market dumped a lot…
Trying to see if its able to hodl it & flip it back to support for continuation to ~3300 sats..
— Nico (@CryptoNTez) March 13, 2020
Let’s take a closer look at the XRP price movement and determine if the price will reach 3,300 satoshis.
The Bitcoin price has been trading inside a range of between 2,500 and 3,350 satoshis since July 30, 2019. The middle of the range is at 2,850 satoshis.
Since Feb. 13, the price created a descending wedge, from which it broke out on March 11. The next day, the price decreased significantly, briefly trading below the support line of the range. However, it immediately bounced back up and has met resistance at the middle of the range and the 200-day moving average (MA).
If the price is able to successfully flip this area, a continuation toward the range high at 3,350 satoshis is expected.
Looking closer at the movement, there are two possible options:
- The price fails to break out above this resistance level and decreases toward the closest support area at 2,650 satoshis, trading in a range between these two levels.
- The price breaks out and continues toward the range high at 3,350 satoshis. Due to the lack of resistance above the current level, this would could transpire in a short period of time.
We are slightly leaning on the bearish option, due to the instability in the BTC price. However, both courses of action remain possible.
To conclude, the XRP price has broken out from a descending wedge and has reached a confluence of resistance levels. If it is able to successfully flip them as support, a continuation move toward 3,350 satoshis is expected.