Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
- XRP possessed a bullish construction on the H4 and decrease timeframe charts.
- The rise in demand over the previous few days was an encouraging issue for the bulls.
Ripple [XRP] noticed weak point from the patrons over the previous two weeks as costs launched into a downtrend. The bulls confronted rejection from the $0.54 resistance area.
Learn Ripple’s [XRP] Value Prediction 2023-24
In different information, Ripple changed Circle [USDC] because the fifth member of the Hong Kong Digital Asset Consortium [HKVAC]. But, the report additionally discovered that USDC had a a lot increased community progress than XRP.
A technical evaluation report from AMBCrypto dated 12 October drew consideration to the bearish bias of XRP on the 1-day chart. It additionally highlighted the $0.46 as a essential help stage. How do the decrease timeframe charts look?
XRP’s rejection at $0.5 on Monday could be a precursor to additional losses
Supply: XRP/USDT on TradingView
The transfer above the latest decrease excessive at $0.489 (orange) noticed XRP flip its market construction bullishly. The RSI additionally climbed above impartial 50. The DMI noticed each the ADX (yellow) and +DI (inexperienced) bounce above 20.
Therefore, the elements mirrored robust bullish sentiment simply 30 hours earlier than the time of writing. But, issues have begun to alter. The OBV has been in a downtrend all through October, and this lack of shopping for strain noticed costs decline to the $0.489 mark.
The RSI, which reached a excessive of 65 on Monday, was at 47 and indicated bearish momentum was starting to take management.
The subsequent increased low that XRP bulls should defend within the close to time period was at $0.4835. A transfer beneath this could shift the market construction bearishly as soon as extra and will see XRP fall to $0.46 or decrease.
Is the spot CVD at loggerheads with the OBV?
Supply: Coinalyze
The spot CVD has climbed increased since 9 October, when costs bounced from simply above the $0.47 mark. But, the OBV has been in a gentle downtrend- however the quantity indicators aren’t disagreeing with each other.
The OBV additionally famous a minor bounce since 9 October, however its pattern has been downward in latest weeks. The spot CVD’s uptrend was an encouraging issue for short-term bulls.
How a lot are 1, 10, or 100 XRP value right this moment?
Open Curiosity additionally climbed increased over the previous two days alongside costs. This signaled bullish sentiment available in the market. Subsequently, as issues stood, it was seemingly that XRP may climb towards $0.5 once more.
Whether or not the bulls can breach this mark was unclear, however a continued uptrend on the CVD would strengthen the bullish case.
