Ripple faces backlash from bears at $0.8 price level: What to expect?

Ripple price analysis for March 21, 2022, confirmed that the chances of the XRP turning bullish seem low as the token continues to face strong resistance at $0.8. Moreover, the chances of Ripple turning bullish seem low for today as the trading volume has dropped. It is important to note that the XRP price analysis for March 18, 2022, confirmed that the price action for XRP remains uncertain for the near future. 

The data from CoinMarketCap shows that the trading volume of Ripple has dropped by 18.44% followed by a drop of 1.59% in the market cap. Moreover, the Market Dominance surged to 2.09% while the Volume / Market Cap Ratio stands at a value of 0.04289. 

The daily candle for the token opened at a price of $0.8057 and reached a daily high of $0.8086. Meanwhile, the daily low for the token stands at a price of $0.7875. At the time of writing, the price of 1 XRP stands at a price of $0.8012.

Ripple price analysis for March 21 on the daily chart

The Ripple price analysis for March 21 confirms a bearish trajectory using the 3 major indicators in the crypto space in the chart below.

Source: TradingView

The MACD indicator shows that the MACD line is above the signal line which means that the XRP bulls are still in control of the price action.

The RSI indicator reads a value of 55.43 which means that the bulls are still in control. The gradient of the line for Ripple suggests that the chances of lower prices are still possible.

The price action for Ripple is situated in the upper end of the Bollinger Bands which means that soon, we might see a retest of the middle zone of the Bands. 

Conclusion

The Ripple price analysis for March 21 confirms that XRP might continue its bearish trajectory with major resistance at the $0.8 price level. Moreover, the support at $0.78 is holding strong.