Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The short-term structure could favor the bulls, but there was significant resistance overhead.
- The accumulation phase since April underlined the possibility of another rally.
Ripple [XRP] has registered some gains on the charts in the past two weeks. During this time, Bitcoin [BTC] slipped lower, from $27.4k to $26.4k. BTC was expected to drop further in search of a strong zone of support, which could upset the short-term bullish momentum behind XRP.
Realistic or not, here’s XRP’s market cap in BTC’s terms
If the lower timeframe momentum did not see an interruption, there was a good chance that XRP could register further gains over the next week or two. Analysis of the higher timeframes showed that the $0.48 region was a stern resistance zone. Can the bulls breach it?
The short-term bias was about to flip bullish once more
The price action of XRP on the four-hour chart showed that the past two weeks have been bullish. The price could rise past the $0.438 and $0.45 levels. It has also retested $0.45 as support within the past 24 hours and experienced a move higher.
At the time of writing, XRP traded at $0.4668. This represented a 3.7% bounce from the $0.45 support level. Trading volume was also good, with one session having an above-average volume that also left an imbalance.
This fair value gap, marked in white, was likely to be tested or even filled in the coming days. If it happened after a move above the $0.4674, marked in orange, it would likely present a buying opportunity. This was because a move above the said level (marked in orange) would shift the market structure t
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Author: Akashnath S
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