XRP’s price stabilized near $1.30 on March 7, as analysts observed easing selling pressure and a tentative recovery. The token traded around $1.36, with technical indicators pointing to weakening bearish momentum. The next major resistance level is identified at $1.60.
The cryptocurrency XRP stabilized around a key support zone on March 7, showing early signs of a recovery after recent price declines. According to CoinMarketCap data, the token was trading at approximately $1.36 with a market capitalization of $83.54 billion.
Analyst BitGuru pointed out that XRP is settling between $1.30 and $1.36. This area is now showing signs of acting as a support area, where the selling pressure seems to be slowing down.
If buying pressure persists, the next target is the $1.60 resistance level. Currently, the price remains below its 20-day and 50-day simple moving averages, indicating a need for stronger momentum.
Technical indicators suggest a tentative shift. The Relative Strength Index at 42.54 shows weak, non-oversold momentum, suggesting buyers are attempting to support the price.
The MACD indicator also shows improvement, with a positive histogram indicating diminishing selling pressure. A move toward $1.40 could potentially strengthen a near-term bounce for the asset.
