- XRP saw the selling pressure fade away in the past few days
- Another price move downward was still likely
Ripple [XRP] experienced some gains in the past week, but has yet to establish an uptrend. The trading volume picked up on Monday the 6th of May, the day of the court briefing.
The technical indicators and the price action did not favor a bullish bias.
The Weighted Sentiment was in decline, according to an AMBCrypto report. Another report highlighted that one metric indicated a potential price drop was imminent due to the age-consumed metric.
The mid-range resistance rebuffed the buyers yet again
The nine-month XRP range (purple) extended from $0.46 to $0.71. The mid-range mark at $0.585 has acted as resistance since mid-March.
The resistance zone (red box) was also a bearish breaker block, implying a stronger resistance.
The Chaikin Money Flow was at 0 indicating a lack of significant capital flow into the market. The Directional Movement Index showed that the +DI (green) was above 26, and the ADX (yellow) was nearly 20.
This showed a strong uptrend was nearly in place. It remained to be seen whether this could propel XRP past the $0.585 resistance.
Therefore, a 5% move higher to $0.585 could be followed by a 15% slump to the $$0.48 support zone.
Has XRP reached a point of stability?
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Author: Akashnath S
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