Ripple price action turns stagnant as bulls and bears fight for dominance

Ripple price analysis for March 24, 2022, comes riding on a sluggish tune for the token as XRP seems to be stuck between $0.83-$0.86 which seem to be important areas of support and resistance respectively. It is also important to note that as per our XRP analysis for March 23, 2022, the XRP token did reach $0.85 but was unable to consolidate prices above this region which might’ve signaled a positive motion for investors. 

The data from CoinMarketCap shows that the trading volume of Ripple has jumped by 1.81% followed by a surge of 1.00% in the market cap. Moreover, the Market Dominance dropped to 2.05% while the Volume / Market Cap Ratio stands at a value of 0.05324. 

The daily candle for the token opened at a price of $0.8376 and reached a daily high of $0.8460. Meanwhile, the daily low for the token stands at a price of $0.8272. At the time of writing, the price of 1 XRP stands at a price of $0.8367.

Ripple price analysis for March 24 on the daily chart

The Ripple price analysis for March 24 will take into consideration the readings from the following indicators on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line is above the signal line and the two are nearly parallel to each other. This means that the bulls and the bears are evenly matched in the short term.

The RSI indicator reads a value above 59 which means that the buyers are in control of the price action and the gradient of the line suggests that we might see a slightly stagnant movement for Ripple today.

The price action is situated in the upper end of the Bollinger Bands and waiting for a breakout to either. The selling pressure is meeting the demands of the buyers. 

Conclusion

The Ripple price analysis for March 24 ends on a stagnant note for XRP as the token remains stuck, waiting for a surge in buying pressure.