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XRP witnesses rejection at the $0.55 mark again as structure shifts bearish

Press Releases Crypto News AMB-Crypto XRP witnesses rejection at the $0.55 mark again as structure shifts bearish

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

XRP had shown short-term bullish intent last week but has since retraced all the gains from late September
If the bulls can’t gather their strength and defend $0.46, a much deeper drop could be initiated

Ripple [XRP] faced overwhelming bearish pressure at the $0.55 region. It showed signs of wanting to climb above the territory that had served as resistance since late August. However, Bitcoin’s [BTC] failure to consolidate recent gains meant XRP was dragged southward as well.

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In a previous price report by AMBCrypto, XRP’s short-term bullishness was underscored. These bullish expectations have since been invalidated. What happened, and where on the chart can the bulls find solace?

An XRP retreat to the $0.46 level is on the cards

Source: XRP/USDT on TradingView

The one-day chart saw a bearish shift in structure. This came after the rejection at the one-day bearish order block at $0.55.The recent higher low was formed at $0.4912, with the $0.505 being another short-term significant support. The price action of the past few hours propelled XRP below $0.49.

The Relative Strength Index (RSI) had poked its head above the neutral 50 mark briefly in early October but fell below it the previous weekend. The On-Balance Volume (OBV) also presented a hopeful picture last week as it had beaten local resistance (dotted orange). This signaled buyers were gaining strength, but the OBV took a qu

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Author: Akashnath S

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