XRP traded near $1.38 on March 23, showing a 2.64% daily decline as it consolidated within a falling wedge pattern. Analysts noted bulls were watching the $1.46 resistance level for a breakout signal, but momentum indicators remained weak and $5.27 million in long liquidations pressured buyers.
XRP price action remained range-bound on Monday, March 23, with traders awaiting a breakout from a falling wedge formation. The cryptocurrency was trading at $1.38, marking a 5.54% weekly decrease according to CoinMarketCap data.
Analyst Surya highlighted that XRP was compressing within a 4-hour falling wedge, facing major resistance between $1.44 and $1.46. The analyst noted a breakout above $1.46 could target a next resistance zone of $1.52 to $1.58.
Another analyst, CryptoWZRD, mentioned the latest close was indecisive and weakness persisted. “The weakness still remains, which is a result of the sentiment of Bitcoin,” the analyst stated.
CoinGlass data showed futures volume rose 12.75% to $2.95 billion while open interest fell 2.75%. Total 24-hour liquidations reached $5.55 million, with long positions accounting for $5.27 million of that sum.
Technical indicators showed limited bullish strength, with the Relative Strength Index at 43.72. The Moving Average Convergence Divergence readings suggested bearish momentum had eased slightly but provided no strong upside confirmation.
