Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The near-term momentum took a U-turn from bearish to bullish in a matter of hours. The strong pump past $0.395 meant a retracement could follow. Bitcoin [BTC] surged from $21.6k to $24.8k within 36 […]
highlighted that $0.387 and $0.395 will be significant resistance levels for XRP bulls. These levels were broken cleanly in recent hours of trading. Has the breakout revealed the market’s bullish hand, or will all the gains be retraced?The daily timeframe showed the mid-range mark at $0.37 has once more acted as a strong support zone. The breakout past $0.395 meant a move to the range highs at $0.41 was likely.
The RSI declined from oversold territory. This does not indicate a pullback in the works by itself, but showed that the market could be overextended. The OBV saw a healthy rise to underline demand behind XRP. In the meantime, Bitcoin itself faces resistance in the $24.8k-$25.2k territory. A consolidation phase for BTC could give time for XRP to retrace and surge toward $0.42.
If the bulls are in control of the market, any retracement that XRP notes toward $0.38 or $0.39 would be accompanied by very little selling pressure. Hence, the OBV might not show a large dip. The $0.384-$0.388 area can be used to re-enter long positions, with a tight stop-loss below $0.38. A deeper pullback beneath $0.38 is likely to test the bullish order block just beneath $0.37, highlighted in cyan.
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XRP bounces from mid-range support, but advantage remains with bearsDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The higher timeframe structure was bearish, but on lower timeframes, it had flipped bullish. A move upward to the resistance at $0.395 is likely. Ripple [XRP] traded within a range and the bulls forced […]
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