- XRP saw its lower timeframe market structure and momentum flip bearishly
Despite the strong selling pressure, there is a chance of recovery
As a researcher with extensive experience in analyzing cryptocurrencies’ price action and market trends, I have closely monitored XRP‘s recent price movements and technical indicators.
Over the past ten months, XRP has been trading within a set price range. More recently, it established a smaller range around $0.514 for the last two months. At present, there were no clear signs of this coin breaking free from this range. Interestingly, some technical indicators hinted at an imminent price rebound from this figure.
I’m sorry for the disappointment. XRP experienced a significant decrease of 14.6% on June 7th. This decline followed a rebound of approximately 10% from its previous lows, indicating a price movement triggered by newsworthy events. As for the future of XRP as an altcoin, it’s essential to keep an eye on market developments and any potential news that could influence its value further. Stay informed about regulatory updates and partnership announcements, among other factors, to make well-informed trading decisions.
Lower timeframe mid-range was lost
Over the past two months, the yellow range on the chart expanded from a low of $0.47 to a high of $0.56. Prior to last week’s market downturn, the midpoint of this range at $0.514 acted as a support level for XRP. However, the Bitcoin [BTC] price drop on Friday caused XRP to follow suit, resulting in a bearish reversal in its shorter-term trend.
Over the past few months, I’ve noticed that the OBV for XRP has been trending downwards since April. There was a brief attempt at recovery in May, but more recently, over the last ten days, we’ve seen lower lows formed. This observation indicates that despite XRP being above the short-term range’s midpoint, the buying pressure remains insufficient.
With the RSI on the daily chart reading below the neutral 50 level, this indicates that a downward trend is underway for XRP. Additionally, the loss of the significant support at $0.5 could lead to further declines, potentially pushing the price down to around $0.45.
Assessing the chances of another sharp drop
As a crypto investor, I closely monitor price action charts and technical indicators to gauge market trends. Recently, these tools signaled bearishness, suggesting that it might be a good idea for me to consider selling or hedging my positions. However, the liquidations chart painted a slightly different picture. Here, I noticed that a significant number of traders had been forced to sell their holdings due to margin calls, potentially setting up opportunities for counter-trading the downtrend. Additionally, I’ve observed that the liquidity pockets at $0.45 have been depleted, meaning fewer buyers are available in this price range. This information could be valuable when making decisions regarding my crypto investments.
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As a crypto investor, I believe the next significant pool of buying and selling activity is situated around the $0.58 price mark, which represents the middle ground within the 10-month price range. Contrary to expectations, XRP might experience a sudden surge towards this level in June before encountering another resistance.
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2024-06-09 04:07