Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• XRP possessed a bullish structure on the H4 and lower timeframe charts.
• The increase in demand over the past few days was an encouraging factor for the bulls.

Ripple [XRP] saw weakness from the buyers over the past two weeks as prices embarked on a downtrend. The bulls faced rejection from the $0.54 resistance region.

Read Ripple’s [XRP] Price Prediction 2023-24

In other news, Ripple replaced Circle [USDC] as the fifth member of the Hong Kong Virtual Asset Consortium [HKVAC]. Yet, the report also found that USDC had a much higher network growth than XRP.

A technical analysis report from AMBCrypto dated 12 October drew attention to the bearish bias of XRP on the 1-day chart. It also highlighted the $0.46 as a critical support level. How do the lower timeframe charts look?

XRP’s rejection at $0.5 on Monday might be a precursor to further losses

The move above the recent lower high at $0.489 (orange) saw XRP flip its market structure bullishly. The RSI also climbed above neutral 50. The DMI saw both the ADX (yellow) and +DI (green) jump above 20.

Hence, the factors reflected strong bullish sentiment just 30 hours before the time of writing. Yet, things have begun to change. The OBV has been in a downtrend throughout October, and

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Author: Akashnath S

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