- XRP may drop to the middle-range, which would be another 8% decline.
- Over the last week, buyers’ dominance has declined.
Ripple [XRP] The $0.71 price level was rejected from the highs of its seven-month trading range. The move, and subsequent rejection occurred pretty much in accordance with an AMBCrypto analysis From a week back
Look at it. on-chain metrics Investors appeared confident and accumulating earlier in the week. The $0.7 price level is still very prominent on the chart.
The structure of the market is still bullish
On the daily chart, XRP’s market structure remained bullish despite the recent near 15% decline. To change the market structure, a drop below $0.525 will be required.
The RSI remained over neutral 50 as well, but with a value of 54 it was clear that the momentum was also neutral.
Last week, the OBV appeared to have flipped from a level of resistance to one that was supportive. As selling pressure grew, the OBV indicator began to fall. All three indicators indicated that bulls were struggling.
This $0.624 level is an intermediate timeframe that may not be able to hold. Two key areas of demand where XRP may see a positive reaction are the mid-range at $0.585, and $0.52 to $0.54.
The pressure to sell continues to grow on shorter time frames
![XRP Coinalyze metrics](https://fxruhanahmed.com/2/wp-content/uploads/2024/03/1710608224_346_Will-XRPs-price-see-another-8-drop-New-predictions-suggest.png)
![XRP Coinalyze metrics](https://fxruhanahmed.com/2/wp-content/uploads/2024/03/1710608224_346_Will-XRPs-price-see-another-8-drop-New-predictions-suggest.png)
Source: Coinalyze
Since the 14th March, Open Interest in XRP is steadily declining. In conjunction with the declining prices, it was inferred that the bearish spirit had set in. XRP’s short-term downward trend was not a bet that speculators would make.
What is the cost? 1, 10, or 100 XRP worth today?
The spot CVD, however, has been moving downwards since 5th March. For long-term traders, the low demand for spot metals was an issue.
Disclaimer: This information is not intended to be a comprehensive guide. financialThis is the sole opinion of the author and does not constitute investment, trading or any other kind of advice.
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Source: ambcrypto.com