- XRP could descend toward the mid-range level which is another ~8% drop.
- The buyers have lost their dominance over the past week.
Ripple [XRP] saw a rejection from its 7-month range highs at the $0.71 level. This move and the subsequent rejection happened pretty much as laid out in an AMBCrypto analysis from a week ago.
A look at its on-chain metrics earlier this week suggested that accumulation was underway and investors were confident. However, it remains to be seen on the price chart, with the $0.7 level still looming large.
The market structure maintains a bullish bias
The daily chart of XRP showed that despite the near 15% pullback in the past five days, the market structure remained bullish. A move below $0.525 is necessary to change this.
The RSI also remained above neutral 50, but with a reading of 54, it showed that momentum was neutral.
The OBV was unable to defend a resistance level that it appeared to flip to support last week. This saw the indicator fall as selling pressure climbed. Together, the indicators signaled that the bulls were having a hard time.
The $0.624 is a lower timeframe support level that might not hold. The mid-range level at $0.585 and the $0.52-$0.54 region were two key demand zones where XRP could see a bullish reaction.
Selling pressure continues to increase on the shorter timeframes
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Author: Akashnath S
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