Analyst JD highlighted on March 9 that XRP continues to form a long-term bullish structure, tracing a rising trendline from early accumulation near sub-$0.01 levels.
JD claims that this diagonal support has created higher lows over time, with every dip having seen buyers. Recently, however, XRP has pulled back to this trendline, touching a significant demand area that has previously resulted in strong rallies.
The resistance is apparent in the $3.3 to $3.5 price range, which could be considered an ascending triangle. According to JD, the triangle indicates that the buying power is increasing as the sellers attempt to defend the price ceiling.
Source: X
It could also be considered a rising wedge for the price, which could increase the bearish pressures for the short-term price trend.
The momentum indicators agree with the setup. The RSI has a hidden bullish divergence, where the price is making higher lows, and the RSI is making lower lows. JD said that buying in this area can potentially lay the foundation for the next rally.
Also Read: XRP Tests Key Support as 11% Triangle Pattern Signals Volatility Ahead
TradingView analysis of XRP, as of March 9, reveals that it is in a long process of correction after its late-2024 bull run. During this time, it was seen that the asset’s price was increasing rapidly, moving well beyond its moving average ribbon, indicating strong bullish momentum.
The asset’s price was seen moving up from under $0.60 to over $3.00. After reaching a point of $3.40 to $3.50, it started consolidating, with selling pressure kicking in.
The moving average ribbon is showing weakness in the short term. The 20 and 50 SMAs are falling, acting as resistance, as are the 100 SMA at $1.75 to $1.80, and the 50 SMA at $2.29.
The long-term support is still at $1.12, as seen by the 200 SMA. XRP is currently at $1.37, in a state of transition.
Source: TradingView
As for XRP, the price action in the weekly chart has lower highs and lower lows, which indicates the presence of bearish pressure in the short term.
However, the low volatility and the reduced size of the candles indicate that the price is consolidating and not plummeting. The MACD indicates weakening bearish pressure and may rise if the buying pressure increases.
Immediate support is at $1.20-$1.30, just below the 200-week SMA. The next level of support is at $1.10. Resistance is at $1.75-$1.80 and $2.20-$2.30. If XRP/USD breaks above these levels, the uptrend is likely to continue with $3+ levels again in play.
Also Read: XRP Crashes Below Realized Price As Bears Take Control
