XRP/USD has accomplished a solid gain during the month of March, and as April gets ready to start important mid-term resistance is ahead.
XRP/USD is trading above 86 cents as of this writing, this after actually moving above 91 cents on the 28th of March. Keeping in mind that Ripple was trading at nearly 69 cents on the 4th of March, XRP/USD has gained nearly 20% in value during March depending on the dates the calculation is made. XRP/USD like the broad cryptocurrency market, has suffered from a serious long term bearish trend, but the month of March produced a shift in sentiment for the major cryptocurrencies and Ripple can be said to have been a leader among the pack.
While many of the other major cryptocurrencies began their most recent moves higher late in second week of March, XRP/USD began to climb incrementally on the 7th of March. Ripple has seen some volatile trading results, but the moves have mostly been to the upside. Rumors circulating about Ripple’s ongoing court case, which the U.S government is pressing ahead with against Ripple certainly has fueled some of the sudden gyrations in XRP/USD. However, the take away many speculators may be beginning to consider is that XRP/USD has held onto gains and not experienced violent selling.
If a broad cryptocurrency market correlation is sought by traders, on the 15th of March XRP/USD was trading slightly above the 74 cents level. The gains made the past two weeks of trading have been accomplished rather well. Traders who have kept their ambitions realistic and been willing to use take profit orders may have been able to achieve solid results. The current capability of XRP/USD to sustain its 86 cent juncture and not slide below 84 cents should continue to be watched.
Risk sentiment in Ripple may be undergoing a shift from nervous leanings towards a more positive stance. The marks of 91 cents a couple of days ago brought prices seen in the second week of February into sight for XRP/USD. From the 7th until the 10th of February, XRP/USD flirted with the 92 cents mark also. Having fallen back from this high a couple of days ago, may be taken in a negative light by skeptics who believe Ripple and other cryptocurrencies are still within the tight grip of a bearish market. However the trend in the month of March has been positive for XRP/USD, so bullish optimism may continue to flourish in April.
Speculative price range for XRP/USD is 0.69000 to 1.15000.
Current support for XRP/USD should be monitored near the 84 to 83 cents ratios. If these levels can be maintained buyers of Ripple may look at these junctures as places to initiate their long positions. If XRP/USD were to fall below 81 cents level, this could spark nervousness and traders may start looking to sell Ripple once again. If consolidated trading can be accomplished near term and the 86 cents mark proves steady, this may be enough to create more buying interest in XRP/USD.
Bullish optimism may be building and if the 92 cents marks is challenged and proves to be vulnerable, the values of Ripple would then be testing ratios not seen since the last week of December in 2021. The 1.00000 mark remains a key psychological hurdle for XRP/USD if this level can be penetrated higher and prices are sustained, Ripple could see a flood of additional buyers step into the market. Any move above 1.01000 for XRP/USD would set off alarm bells among speculative bulls; this because long term charts looking at November 2021 trading results would have to be studied to gain more perspective on potential moves higher. If the 1.02000 proves attainable and the broad cryptocurrency market remains optimistic, traders will likely to start to dream of the 1.10000 mark up above.