- Although the market is bearish on a higher timeframe structure, XRP may see gains. next Day or Two
- Two short-term targets are shown in the chart for liquidation. next Downward move
XRP The whale population has grown over the last two weeks. This is an indication of accumulation. Recent A recent AMBCrypto report There was also a rise in dormant distribution, which suggested that there would be a selling pressure.
XRP fell to $0.382, then bounced back to $0.43 within the last 24 hour. The price was still bearish on all time frames at the time of publication. But the liquidity charts for lower time frames indicated a possible price rebound.
Here’s what XRP traders can be prepared for –
The 11-month old range succumbed finally to the selling pressure
The 11-month low range that XRP traded in since August 2023 is marked purple. A smaller range, which has been active since April mid, was also breached. The bears are adamant and more losses could be expected since bulls had been exhausted.
Fibonacci extension levels at $0.357 (cyan): The 23.6% level was found by comparing the Fibonacci levels. next Target for the Bears As of press time, $0.435 was the resistance level. In the range of $0.448 to $0.466, short sellers may want to consider entering trades.
The OBV continues to decline, showing a steady volume of sales on the market. Daily RSI at 30 indicates oversold condition. Oversold conditions may not necessarily result in a bounce of the price, but traders should still be on guard.
Continue reading proof Price increases in the short term are likely
AMBCrypto’s analysis of data on liquidation level delta revealed that it was negative. The short position outnumbered the longer positions, resulting in a possible short squeeze that could result in a spike of prices to target key liquidity clusters.
You can read more about it here Ripple’s [XRP] Price Prediction 2024-25
The high-leverage short positions would also be liquidated if XRP reached $0.461. Short positions would be liquidated in large numbers if XRP reaches $0.47. next downturn.
Also, it appeared that the $0.47 price level was just above the 0.4666 retracement at 78.6%. This reinforced the notion of a downward trend on the charts.
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Source: ambcrypto.com