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Ripple’s XRP is down by more than one percent and is currently trading at $2.30. While short-term price movements may occur, the overall trend suggests that a major upward movement is not expected at this time. Despite this, short-term bullish action may still arise, though the broader trend remains subdued.
Short-Term Bullish Price Action
In the last few days, XRP has experienced positive price movement. On the 8-hour chart, the price recently broke above a short-term resistance zone between $2.25 and $2.30. After breaking through, XRP successfully retested this level, turning it into support. According to analyst Josh of Crypto World, this technical pattern is a positive sign, as turning resistance into support typically signals bullish price action.
In the short term, this indicates a favorable outlook for XRP, with the next major resistance levels expected between $2.65 and $2.80. However, there is also resistance around $2.50 that will need to be overcome before reaching these higher levels.
Sideways Range and Lack of Momentum
Despite these recent bullish signs, XRP’s price has been stuck in a sideways range for the past month, moving within a narrow band. This lack of momentum in either direction is evident, and while short-term gains may occur, the overall market trend suggests caution due to the ongoing bearish divergence on the 3-day chart.
Expecting More Sideways Movement
Given the current technical situation and the continuing bearish divergence, XRP is likely to remain in a sideways trend in the near future. Bullish momentum is unlikely unless the broader bearish divergence is addressed. Traders should monitor the short-term bullish patterns, but the overall market direction is expected to stay sideways.