Ripple rebounds from $0.70 and finds resistance at $0.76: Risk ahead

Ripple price analysis for March 10, 2022, confirms that the token has turned bearish as it was unable to push through the important price resistance at $0.76 and as a result, a retracement towards $0.70 was seen. This event was noted in our XRP price analysis for March 9. However, $0.70 was held as support and we witnessed a surge towards $0.76 once again. However, this price level remains a strong resistance. 

The data from CoinMarketCap shows that the trading volume of the Ripple token has shot up around 39.48% followed by a rise of 3.80% in the market cap. Moreover, the Market Dominance has surged above 2% while the Volume / Market Cap Ratio stands at a value of 0.07214. 

The daily candle for the token opened at a price of $0.765 and reached a daily high of $0.7797. Meanwhile, the daily low for the token stands at a price of $0.7505. At the time of writing, the price of 1 XRP stands at a price of $0.7561.

Ripple price analysis for March 10 on the daily chart

Ripple price analysis for March 10, 2022, will discuss the readings from 3 major readings from indicators on the daily chart.

Source: TradingView

The MACD indicator on the chart above shows that the MACD line remains below the signal line but now both the lines are touching each other which means higher prices are possible.

The RSI line has a value of 51.24 which means that the bullish are in control but just by a short margin. The gradient of the RSI line for Ripple is slightly negative which means that lower prices will be witnessed today.

The price action now aims to break above the middle zone of the Bollinger Bands which means that soon, the Ripple token will be seen in the bullish zone if similar conditions continue.

Conclusion

Ripple price analysis for March 10, 2022, confirms a sluggish trajectory being followed by XRP as it is stuck between $0.70 and $0.77.