Ripple Price Analysis: XRP/USD bulls fail at $0.1500

  • XRP/USD is range-bound with a bearish bias on Wednesday.
  • The key short-term resistance is located at $0.1500.
  • Peter Brandt pinned a price level for buying XRP.

XRP, now the third-largest digital asset with the current market value of $6.2 billion, has lost over 3% in the recent 24 hours to trade at $0.1450 At the time of writing. XRP/USD recovered towards $0.1500 during early Asian hours, but the upside momentum failed to gain traction amid a high level of market uncertainty. XRP’s average trading volume is registered at $1.9 billion.

Peter Brandt issues XRP buying recommendation

A legendary trader Peter Brandt believes that XRP/USD won’t stop falling any time soon. Replying to the question from one of his Twitter followers from Vietnam, he recommended buying the coin when it hits $0.00826. The price seems quite random as the analyst did not provide any explanations or facts to support his view; however, it reflects his general bearish attitude towards this coin. 

Notably, it is not the first time, Brandt comes up with bearish forecasts. At the end of February, he spotted a head-and-shoulders pattern on the XRP chart and said that the coin might crass to $0.20 if the neckline was broken. XRP hit this level on March 8.

XRP/USD: Technical picture

On the intraday charts, XRP/USD is hovering around the local pivotal level created by SMA50 1-hour at $0.1450. If the price moves sustainably lower, the next support created by psychological $0.1400 will come into focus. It is followed by $0.1350 ( the lower line of 4-hour Bollinger Band). Meanwhile, if this level is cleared, the sell-off will gain traction and bring $0.1100 back in focus.

On the upside, the initial resistance is created by a combination of SMA100 and the middle line of 1-hour Bollinger Band on approach to $0.1480. However, a stronger barrier is created by $0.1500. This psychological level strengthened by the upper line of 1-hour Bollinger Band has been limiting the recovery since Tuesday. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.1650, which is the highest level since March 15.

XRP/USD 1-hour chart


 

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