XRP Flat-Lines: Are Ripple Bulls Loading Preparing For $1?

The XRP price is relatively unchanged in the past trading day, even edging lower when writing. Still, bulls are targeting $1

Dalmas Ngetich•Thursday, March 14, 2024•1 min read

The XRP price has remained relatively unchanged in the past trading day, even edging lower when writing. Multiple events might explain this development, including possible exhaustion. However, XRP prices have failed to steam higher even after the breakout on March 11.

In the past trading day, the coin is down 3% to $0.67. Even so, it is up 9% in the previous week of trading. Its market cap has fallen to $37 billion as prices contract, down roughly 1.5%. Overall, buyers are optimistic, but there needs to be conviction, confirming the demand of March 11.

XRP Daily Price chart for March 14

Several news events might influence the coin in the coming sessions.

Some of them include:

Whale activity: After prices soared to as high as $0.74 on March 11, prices cooled off the spot rates. However, this does not prevent whales from moving huge amounts of the coin. On March 13, an unknown whale transferred 140 million XRP to an external wallet. The address still controls 169 million of XRP. Transfers to external, non-exchange wallets are often seen as bullish.
A community member has also refuted claims of Ripple manipulating XRP prices. Earlier, an executive said they stopped programmatic sales of XRP in 2019. With this, the coin’s price is driven by market forces.

XRP Price Analysis

XRP/USD prices remain in range, looking at the performance in the daily chart.

Technically, the uptrend remains, and the coin is trading within a bullish formation.

However, the failure of higher highs above the March 11 highs is negative.

Still, it may offer entries for aggressive longs above $0.66. So far, there are long lower wicks, suggesting demand and accumulation in lower time frames.

Better entries may be present above $0.74 once longs are confirmed. Targets can be $0.93 and later $1.