• XRP could fall below $2 once again to collect the liquidity built up underneath.
• The OBV showed selling volume was not dominant on the daily timeframe and recovery was possible.

The liquidation cascade earlier today sent Ripple [XRP] to a low of $1.77 on Binance, 43% down from the daily open on the 31st of January.

The 1-day chart showed the past two weeks’ range formation shattered after a daily session close below $2.9, invalidating a bullish idea.

Lows were violently smashed aside — What next?

The drop below $2.9 was spurred by market-wide panic and a liquidation cascade a few hours before the time of writing.

The RSI plummeted below neutral 50 to indicate a shift in momentum — something the price action also clearly highlighted.

Surprisingly, the OBV did not form new lows compared to mid-January. It hovered just above those higher lows, a sign that recent selling volume was not enough to overcome the accumulation of the previous two weeks.

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Author: Akashnath S

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