XRP trades within a narrow range on Monday, March 23, as traders waited for a breakout from a falling wedge pattern and a significant resistance area. Analysts said that the XRP had yet to experience a breakout, with short-term direction depending on whether buyers could overcome the immediate barriers.
As of writing, XRP is trading at $1.38, showing a 2.64% decline in the past 24 hours. The trading volume is currently standing at $1.59 billion, up 14.51%. Over the last week, the token has decreased by 5.54% according to CoinMarketCap.
Crypto analyst Surya highlighted that XRP is still in compression in its 4-hour falling wedge chart. The token is trading in a range of $1.38 to $1.40, while its major resistance is in the range of $1.44 to $1.46.
The analyst noted that if XRP is able to break and accept this resistance level at $1.46, then its next potential resistance would be in the range of $1.52 to $1.58.
Moreover, another analyst, CryptoWZRD, mentioned that the latest close of XRP is indecisive. The analyst added that the weakness still remains, which is a result of the sentiment of Bitcoin.
In this scenario, a retest of the $1.4300 price level followed by a decline might provide a shorting opportunity. A hold above this price might result in a reduced chance of a fakeout, which might favor long positions.
CoinGlass data shows that the future volume increased by 12.75% to $2.95 billion. Additionally, the open interest decreased by 2.75% to $2.33 billion. The token OI-weighted funding rate is recorded at 0.0035%.
Also Read: XRP Momentum Fades After Breakdown, Sellers Tighten Grip
Liquidation data also reflected pressure on bullish traders. The total liquidations in the last 24 hours recorded were $5.55 million. The long liquidations accounted for $5.27 million, whereas the short liquidations were $279.82K.
The Relative Strength Index (RSI) is still below the neutral point on the chart. The RSI reads at 43.72, while its moving average is at 50.12.
The values indicated that momentum is still low. This also indicates that the coin has not yet gained enough momentum to confirm a bullish trend.
The Moving Average Convergence Divergence (MACD) reading shows only limited stabilization. The histogram is at 0.0003, while the MACD line sits at -0.0057 and the signal line reads at -0.0060.
These values indicated that the bearish momentum had eased slightly. Nevertheless, the indicator did not show a strong upside confirmation since the price of the token is still below resistance.
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