Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- XRP’s price action struggled to move above $0.53 since 22 August.
- Open Interest rates stagnated as neither buyers nor sellers had leverage.
A narrow price consolidation for Ripple [XRP] into the weekend could be on the cards. The spot market, particularly the 4-hour chart, leaned towards sellers, but the futures market was bearish in the short term.
Read Ripple’s [XRP] Price Prediction 2023-24
In the meantime, Bitcoin [BTC] struggled to stop sellers from cracking the $26.0 mark. If sellers crack and drive lower, bears could overwhelm the overall market over the weekend (26/27 August).
A slump, consolidation, or pump for XRP?
A Fibonacci retracement tool (yellow) was placed between the August high ($0.708) and low ($0.423). Based on the tool, the 23.6% Fib level aligned with a weekly bullish order block (OB) of $0.458 – $0.494 (cyan).
The mid-August price slump eased at the confluence of the weekly OB and the 23.6% Fib level. So, the area is a solid bullish zone.
At the time of writing, XRP’s price action dropped after facing price rejection at $0.53 (38.2% Fib level). Notably, the 50-EMA (Exponential Moving Average) was flipped to resistance, and another retest at the level could set XRP lower to the confluence area.
Therefore, the confluence area of $0.458 – $0.494 would be an ideal buying level for short-term bulls if BTC doesn
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Author: Benjamin Njiri
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