Ripple price analysis for March 3, 2022, confirms that the token has turned bullish as it aims to break into the $0.8 price resistance, which was lost a few weeks ago. Moreover, as noted in our XRP price analysis for March 2, the $1 price level is the dream of many investors that the token lost after the market turned bearish in November 2021.
The data from CoinMarketCap shows that the trading volume of the Ripple token has dropped 12.01%, while the market cap of the token also dropped by 0.46% in the last 24 hours. Moreover, the Volume / Market Cap Ratio has a value of 0.06676, while the Market Dominance of the token has surged to 1.94%.
The daily candle for Ripple opened at a price of $0.7688 and reached a daily high of $0.7897 which is now a major resistance for prices. Moreover, the daily low for the token stands at a price of $0.7603. Furthermore, at the time of writing, the price of 1 XRP has a value of $0.7701.
Ripple price analysis on the daily chart for March 3
Ripple price analysis for March 3 will be implemented using three important indicators on the daily chart that will help us in predicting future prices.
The MACD indicator shows that the signal line is above the MACD line, which confirms a bearish scenario for the token. The MACD histogram is also bearish, but there is a chance that investors might witness a bullish divergence.
The RSI line has a value of 51.99 which means that the fight between bulls and bears is very close, and bulls have slightly more dominance. However, investors can expect lower prices as the gradient of the line for today is negative.
The price action is situated in the middle zone of the Bollinger Bands, which means that they are sluggish in nature.
The Ripple price analysis for March 3 confirms that the token remains bearish, and it seems that XRP might retest $0.70 in the near future.