XRP Price Analysis for March 16

Bears are not going to give up so easily, according to the CoinMarketCap ranking.

XRP/USD

The rate of XRP has declined by 1.91% over the last 24 hours.

On the hourly chart, the price of XRP has bounced off the recently formed support at $0.3603. At the moment, one should pay attention to the closure.

If it happens near the middle of the channel, there is a possibility of seeing further growth to the resistance at $0.3667 tomorrow.

On the daily time frame, the situation remains bearish as the rate keeps trading near the level of $0.3546. If buyers want to seize the initiative, they need to restore the price to the $0.40 zone. In another case, traders might see a sharp drop below the mentioned support shortly.

On the weekly chart, the price has once again made a false breakout of the support at $0.3546. Until the rate is above that point, there is a chance to see a bounce back. In this case, the local rise may lead to the test of the $0.37-$0.38 zone soon.

XRP is trading at $0.3628 at press time.

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