- The $2.5 resistance has rebuffed XRP bulls multiple times within the past week
- A move to $2.26 was possible, but further losses would signal another price leg downward
In an earlier analysis, AMBCrypto explored how a 27% price rally for Ripple [XRP] could be off the table.
On-chain metrics showed that whales were selling, and the price action of XRP/BTC meant a consolidation was more likely.
In the days since then, XRP continued to trade within a short-term range. It has also defended the key retracement level at $2.29, but bullish hopes would become more tangible with a price move beyond $2.5.
XRP bulls have one advantage in their battle to regain $2.5
The trading volume over the past few months showed higher overall buying pressure. This was reflected in the OBV, although its upward trajectory has slowed over the past two weeks.
Despite losing the $2.95 former range lows and the bearish structure on the daily chart, there is hope for recovery.
The RSI was below neutral 50, and XRP has tested the $2.5 resistance zone four times within the past week.
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Author: Akashnath S
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