The Ripple price remains in range mode, trapped within a broader $0.35 zone, capped by $0.65 on the upper side and $0.30 on the lower end.
As of Mart 8, bears had the upper hand. Although trading at $0.46 and relatively firmer versus the price action of late February 2021, the XRP/USD price is stable on the last day and up an encouraging 15 percent week-to-date but still oscillating within bear shadows of Feb 23.
Technically, bears are in control. However, the past few days’ fundamentals point to a possibility of reprieve for XRP bulls after weeks of FUD and the state of limbo resulting from the United States Securities and Exchange Commission (SEC) lawsuit.
On the last day, participation levels are depressed, according to trackers.
Contracting 14 percent on the last day, XRP’s average daily trading volumes stand at $2.3 billion from the over 5 billion coins exchanging hands over the same period.
Ripple Price Overview
Notable caps for the XRP/USD price action are at $0.65 on the upper end and $0.30 on the lower end. These levels are defined by the large price swings of lower lows from mid-February 2021.
Although prices may contract, the only positive for XRP bulls are the higher highs from the pits of January and the increased volatility in the first half of February. This temporarily propelled XRP/USD prices towards November 2020 levels.
The XRP/USD price action will be defined at the reaction of Feb 23’s high and lows in the immediate term. Zooming out, gains above—or below, definitive Feb 1 volatile bar could either shape how Ripple market participants will position their bets in the medium term.
Gains above the bull trigger at $0.65 may see the XRP price reach $0.85—September 2018 highs. On the flip side, losses below $0.35—or Feb 23 lows and the main support trend line, may fan a dump towards $0.20 in a retest and rewinding of November 2020 gains.
Ripple Market Movers
Ripple is a blockchain company building an internet-of-value. Providing several solutions, the adoption of the XRP-leveraging On-Demand Liquidity (ODL) is vital for the success of the coin.
The SEC claims XRP is a security. However, Ripple Labs is shooting back, accusing the regulator of picking winners and losers. Their lack of subjecting ETH to the same laws being the center of their contention.
Meanwhile, as significant as the SEC class action suit is, the ultimate decision on whether the XRP is a utility or security will be made by the country’s policymakers, the Congress.
It has also been revealed that exchanges discussed the status XRP with the SEC before listing. Despite this, most high-profile ramps don’t presently allow the trading of the coin.
The Ripple price remains in the range, stable on the last day, but adding 12 percent week-to-date. Accordingly, risk-averse traders may wait until there is a defined trajectory and trend emergence before committing.
From the daily chart, the XRP/USD price is ranging inside two bear bars of Feb 1 and 23. Oscillating with light trading volumes, this is technically bearish from Volumes Analysis.
However, if aggressive buyers force XRP prices above $0.65 with high trading volumes—preferably exceeding those of Feb 1, the XRP/USD pair could soar to $0.75 and $0.85.
Similarly, sharp losses below $0.35 will be enough to sink the XRP price back to $0.35, unwinding gains of the first half of Feb 2021.
Chart Courtesy of Trading View
Disclaimer: Opinions are those of the author and are not financial advice. Do your research.
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