Ripple loses $0.85 as bulls need to reclaim $0.9 to confirm an uptrend

Ripple price analysis for March 23, 2022, comes on a bearish note for the token which has fallen by 3.18% in the last 24 hours after pushing above the $0.85 price level. In our XRP price analysis for March 22, 2022, we noted that the nearest resistance for the token stood at $0.85 which needed to be reclaimed. XRP did reach $0.85 but was unable to consolidate prices above this region. On the other hand, the market has remained sluggish as Ripple took the 6th position from LUNA.

The data from CoinMarketCap shows that the trading volume of Ripple has dropped by 12.56% followed by a drop of 3.05% in the market cap. Moreover, the Market Dominance dropped to 2.08% while the Volume / Market Cap Ratio stands at a value of 0.05784. 

The daily candle for the token opened at a price of $0.8366 and reached a daily high of $0.8460. Meanwhile, the daily low for the token stands at a price of $0.8268. At the time of writing, the price of 1 XRP stands at a price of $0.8288.

Ripple price analysis for March 23 on the daily chart

The Ripple price analysis for March 23 confirms a bearish trajectory being followed based on the readings from a few of the major indicators in the crypto space. 

Source: TradingView

The RSI indicator shows a value of 58.35 which means that buying pressure is high. However, the gradient of the line suggests that lower prices are possible for Ripple.

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

The price action failed to break out from the upper end of the Bollinger Bands which means that XRP might retest the middle zone in the near future.

Conclusion

Ripple price analysis for March 23, 2022, ends on a bearish note for the XRP token as chances of losing $0.83 are also quite high.