- The daily market structure and momentum were bearish.
- A 6-12% price bounce could be brewing.
As a seasoned market analyst with years of experience under my belt, I find myself intrigued by the current state of Ripple [XRP]. The daily structure and momentum are bearish, yet there seems to be an underlying resilience in the form of a potential 6-12% price bounce.
In simpler terms, during trading, Ripple (XRP) was positioned within a significant area offering support at approximately $0.5. This is a crucial point because it’s psychologically appealing and serves as a base for potential buyers. Currently, XRP is significantly lower than the halfway point of its range at $0.585, another important level on higher timeframes. This arrangement suggests a bearish inclination in Ripple’s long-term trend.
Alternatively, the liquidation heatmap suggested a possible rebound to around $0.57. Was it because buyers were growing more certain, or were they holding off, preferring to wait for the U.S. election outcomes before taking action?
The bears were unable to break the $0.502 support
Over the last three weeks, supporters of XRP have persistently guarded the $0.5022 price floor despite facing strong resistance from both momentum and selling pressure. Remarkably, buyers of XRP have managed to maintain their position, albeit against the odds. However, the overall trend in the daily and weekly market outlook remains bearish.
Looking towards the south, the lowest points of the past 15 months, around $0.44, seemed inviting for XRP prices. However, as it currently stands, such a significant decline appears improbable. Yet, if Bitcoin experiences a sharp correction, it might push XRP prices down to these levels.
In simpler terms, the Cash-to-Market Ratio (CMF) stood at -0.04, indicating a withdrawal of capital from the market, although it wasn’t as pronounced as in October. The Relative Strength Index (RSI) on the daily chart has been below 50 for five weeks now, suggesting that bearish momentum has been prevailing.
Liquidation levels make an argument for a price bounce
The crucial points for the token’s next surge were at $0.502 and $0.63. So far, the $0.502 level has been under pressure but has been successfully held off. The price seems to have accumulated liquidity around $0.5, which has led it to rebound towards the upcoming goals.
Read Ripple’s [XRP] Price Prediction 2024-25
In my analysis, I identified potential bullish targets for the liquidity pools around $0.54 and $0.57 over the short term. It’s quite probable that these levels will be tested within the next few weeks.
After dropping to $0.5, it seems that sellers might have run out of steam, yet it remains uncertain whether buyers possess enough power at this moment to push prices towards $0.57.
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2024-11-06 01:11