XRP has a bullish market structure on the one-day chart after the move above $0.54, but other factors showed that the bears remained strong.
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.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.XRP broke a recent lower high at $0.
Coupled with the bulls’ inability to defend the 78.6% Fibonacci retracement level 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.Hyblock
The liquidation levels heatmap from Hyblock provided valuable insights that aided AMBCrypto’s analysis. The two zones of interest for investors now are the $0.58-$0.6 resistance, and the $0.5-$0.515 support.The former was estimated to have over $2 billion in liquidations, and the latter to have just over $1 billion. Hence, a move into or just past these areas could be followed by a reversal.
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