- XRP broke above the $0.54 level and hinted at bullishness.
- The momentum and buying volume were yet to show buyer strength.
Ripple [XRP] has trended downward in 2024, which was an anomaly amongst the large-cap crypto tokens. The price action of the past ten days showcased a possible shift in bias in favor of the buyers.
AMBCrypto reported earlier this month that a prominent CEO advocated for XRP, highlighting it as a source of substantial returns without being a major risk. Yet, analysis showed that in the short term, investors could protect their capital and exercise caution.
The bullish structure shift might be a trap
XRP broke a recent lower high at $0.54, which was highlighted in white above. This represented a bullish structure break on the daily chart. Yet, captured in red was the longer-term downtrend that XRP has been on since early January.
Coupled with the bulls’ inability to defend the 78.6% Fibonacci retracement level (pale yellow) at $0.5284, it was a sign that the respite of the past ten days was a temporary surge. The $0.57-$0.6 was a zone of resistance which likely has a massive number of sell orders.
The OBV was back at a level that has acted as support and resistance since last July. If it sinks below this level, it would be another sign of bearish dominance. The RSI was at 51, showing neutral momentum.
As things stand, the inference was that a move above $0.6 is needed to confirm a bullish bias.
Understanding key areas of interest from liquidity
Go to Source to See Full Article
Author: Akashnath S
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
