Ripple brings a bearish engulfing candle as prices reach $0.75 support

Ripple price analysis for March 15, 2022, confirms that the controversial token has turned bearish following a huge surge in selling pressure and reached the $0.75 price support. This is a minor support region as bulls failed to consolidate the $0.8 price region as noted in our XRP price analysis for March 14. The chances of XRP being back above $0.8 seem pretty low for now. 

The data from CoinMarketCap shows that the trading volume of Ripple has dropped 10.66% followed by a drop of 1.90% in the market cap. Moreover, the Market Dominance remains at 2.11% while the Volume / Market Cap Ratio stands at a value of 0.05609. 

The daily candle for the token opened at a price of $0.7747 and reached a daily high of $0.7768. Meanwhile, the daily low for the token stands at a price of $0.7458. At the time of writing, the price of 1 XRP stands at a price of $0.7494.

Ripple price analysis for March 15 on the daily chart

Ripple price analysis for March 15, 2022, shows that the chances of XRP breaking above $0.8 are pretty low. We will also make note of 3 major indicators in our price journey.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other and the fight between the bulls are the bears is evenly matched. The MACD histogram shows is also bullish in nature. 

The RSI indicator was in the bullish region but has dipped below 50 and reads a value of 49.37. Moreover, the gradient of the line is negative for today as bears take over. 

The price action is situated in the upper end of the Bollinger Bands which means that the chances of XRP breaking below $0.75 support are pretty high. 

Conclusion

Ripple price analysis for March 15, 2022, confirms that the chances of the XRP token turning bullish are quite low as indicators suggest that $0.75 might fail as support.