Ripple bulls prevent a fall below $0.75, a push above $0.8 required

Ripple price analysis for March 16, 2022 brings a positive motion for investors as the token did not fail the support at $0.75. On the other hand, the XRP token has failed to break above the $0.77 minor resistance and turn it into a minor support region. The current price trajectory suggests that an attempt towards $0.8 can be witnessed in the near future. Furthermore, the report from XRP analysis of March 15 confirmed that $0.75 was a major support breaking which the token would succumb to the bears.

The data from CoinMarketCap shows that the trading volume of Ripple has dropped 15.37% followed by a drop of 1.12% in the market cap. Moreover, the Market Dominance dropped to 2.10% 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 $0.04878.

Ripple price analysis for March 16

The Ripple price analysis for today will use 3 major indicators that can be seen positioned on the daily chart below.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other but the former prevails showing that bulls are in charge.

Moreover, the RSI indicator shows a value of 51.36 which means that Ripple is bullish but the gradient of the line has turned slightly negative hinting at increased chances of lower prices.

The price action is testing the middle zone of the Bollinger Bands and in order to remain bullish, Ripple needs to stay in the upper end lest, we can witness a bearish breakout.

Conclusion

The Ripple price analysis for March 16, 2022, confirms that the chances of XRP resuming its uptrend are fairly low as volume has tanked.