Ripple bulls unable to push above $0.8 as uncertainity in market remains

The Ripple price analysis for March 18, 2022, comes on a bearish note for the token which remains below the important price level of $0.8. It is important to note that as seen in our XRP price analysis for March 17, 2022, the XRP token has been denied entry into the $0.8 price zone as it poses a strong resistance to the bulls. Moreover, the project developers have been planning for a rocking 2022 but we will have to wait further to see what actually happens.

The data from CoinMarketCap shows that the trading volume of Ripple has dropped by 23.54% followed by a rise of 0.38% in the market cap. Moreover, the Market Dominance dropped to 2.08% while the Volume / Market Cap Ratio stands at a value of 0.04664. 

The daily candle for the token opened at a price of $0.7919 and reached a daily high of $0.7984. Meanwhile, the daily low for the token stands at a price of $0.7872. At the time of writing, the price of 1 XRP stands at a price of $0.7923.

Ripple price analysis for March 18 on the daily chart

The Ripple price analysis for March 18 will use 3 of the most important indicators on the daily chart which form an important part of our analysis.

Source: TradingView

The MACD indicator shows that the MACD line is above the signal line following a bullish divergence which we reported recently. The MACD indicator has turned slightly bullish.

Moreover, the RSI indicator reads a value of 54.58 which means that the bulls are currently in control. On the other hand, the gradient of the line suggests that sluggish prices will continue today.

The price action for Ripple has surged to the bullish zone of the Bollinger Bands which means that a retest of the middle zone is possible if bulls don’t remain in control.

Conclusion

Ripple price analysis for March 18, 2022, confirms that the XRP token might remain above $0.8 until bulls create buying pressure.