XRP Price Analysis: 12 March

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To highlight that XRP is not a security, Ripple Labs CEO Brad Garlinghouse asserted that even if the company ceases to exist, XRP will continue trading. News emerged earlier today that the SEC sought personal financial records of Mr. Garlinghouse and co-founder Chris Larsen. This was in the wake of 74 million XRP being moved from a wallet that belongs to Ripple, according to Whale Alert. Over the past few weeks, bears have asserted control in the markets.

XRP 12-hour chart

Source: XRP/USD on TradingView

On the 12-hour chart, XRP formed a descending channel (cyan). In February, XRP saw a move to $0.76 but selling pressure forced the session to close at $0.6, and subsequently was driven lower to $0.37.

The bulls attempted to drive the prices in the following weeks but were unable to breach the $0.6 mark on repeated tries. Using the fractals to plot the channel lends it further credence. A rejection at the $0.5 region saw XRP approach the $0.439 mark which is the 38.2% retracement level for XRP based on its move from $0.179 to $0.763.

The $0.439 level could offer support, but bearish pressure would likely drive the prices lower in the coming days.

Reasoning

The RSI dipped back beneath neutral 50 after a brief moment above it, showing that bearish…

Source

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