XRP Price Check for March 19: Analyzing Key Support and Resistance Levels

• XRP has formed a head-and-shoulders pattern on the weekly chart, targeting $3.
• The cryptocurrency has also completed a double-bottom formation with $30 target.
• XRP needs to hold above the $2 support for the head-and-shoulders formation to play out.

XRP is showing signs of a strong bullish breakout, having completed a double-bottom formation that often precedes significant price increases. 

According to analyst “STEPH IS CRYPTO,” the price has successfully broken through the neckline resistance, confirming the pattern and suggesting further upward movement. 

Historically, such formations have triggered substantial price surges, and projections based on the pattern’s height suggest XRP could be a top performer once the broader market turns bullish again.

XRP Price Targets the Bullish Pattern Points To

The long-term chart of XRP reveals a prolonged accumulation phase, mirroring patterns seen before previous bull cycles. Should the current bullish momentum persist, the analyst anticipates XRP could reach a projected target of $30.

However, prominent analyst Ali Martinez has identified a head-and-shoulders pattern forming on XRP’s weekly chart. He emphasizes the critical importance of the altcoin holding the $2 support level.

Related: XRP Defies Market, Outperforms Bitcoin on Key Indicator: Analysis

If XRP maintains its position above this support, a retest of the $2.60 and $3 resistance levels becomes highly probable.

Conversely, should the cryptocurrency fail to hold $2, a drop to the next support level at $1.25 is anticipated, based on the head-and-shoulders pattern’s measurements.

These conflicting patterns have emerged as XRP attempts to reclaim the 20-day Exponential Moving Average (EMA), which currently sits at $2.34. As of the latest data, XRP is trading at $2.28, down 3.18% over the past 24 hours, according to CoinMarketCap data .

XRP Price Analysis

Analyzing the daily chart, the Relative Strength Index (RSI) reads near 47, indicating a potential short-term pullback or consolidation before any further upward movement. However, a break above the 50 level on the RSI could signal a retest of $2.5.

Meanwhile, the price is currently testing the middle Bollinger Band ($2.33), suggesting strong momentum could follow if buyers establish this level as support. 

Related: XRP ETF dreams on hold thanks to the SEC, Litecoin and DOGE step up

The next upside target would be the upper Bollinger Band ($2.71), but a rejection here might lead to a temporary retracement towards the lower Band support ($1.94), potentially validating the head-and-shoulders pattern.