XRP Price Analysis for March 12

The last day of the week is bullish for the cryptocurrency market.

XRP/USD

The rate of XRP has almost not changed since yesterday. Over the last week, the price has declined by 2.37%.

On the hourly chart, the price of XRP might have found the local support level at $0.3603. However, the altcoin has not accumulated enough energy yet to rise to the resistance.

In this case, the more likely scenario is sideways trading in the area of $0.3640 until the end of the day.

On the daily time frame, the situation is still looking bearish as the price is slowly approaching the support at $0.3546. If buyers lose the $0.36 mark, the breakout may be a prerequisite for a sharp drop to the $0.34-$0.35 zone.

From the midterm point of view, the rate of XRP has bounced off the $0.40 mark, confirming bears’ pressure. In this regard, the more likely scenario is an ongoing decline to the $0.34 zone until the end of the month.

XRP is trading at $0.3613 at press time.