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XRP bulls are fighting short-term bearish trend and yet…

2min Read

On the 4-hour chart, both the market structure and trend of XRP were bearish, but the buyers have defended the $0.46 zone vigorously.

XRP bulls attempt to fight the short-term bearish trend

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • Short-term traders can look to trade the XRP range.
  • Traders and investors looking to build a long position can do so in the $0.46 region but a rally was not yet in sight.

XRP has been relatively quiet in the market over the past two weeks. In late May and on certain days in the middle of June, XRP was one of the consistently bullish performing altcoins on the 4-hour timeframe.

Read XRP’s Price Prediction 2023-24

The price action suggested that although the trend has shifted bearishly, a recovery was not out of sight for the bulls. Until that happens, traders can look to buy and sell within the $0.46 support and $0.49-$0.5 resistance.

XRP could be in an accumulation phase beneath $0.5

XRP consolidates above support zone- here's what buyers can watch out for

Source: XRP/USDT on TradingView

The higher timeframe price action of XRP such as the 1-day showed the asset has trended upward since March. Since mid-May, the bulls have found it harder to get the rally going. They achieved the local high of $0.566 on 13 June but the price has slumped lower since then.

On the 4-hour chart, both the market structure and trend of XRP were bearish but the buyers have defended the $0.46 support zone with vigor. During this time, XRP saw a brief but powerful surge to $0.528 on 22 June before falling to $0.45 toward the end of June.

The OBV was in a slow downtrend as well, showing that the sellers had the upper hand. The RSI was also below neutral 50 in the past few days to highlight bearish momentum. Yet, the bulls refused to cede the $0.46 zone.

The price action of XRP saw lowered volatility in the past two weeks. The $0.5 level is psychologically and technically important, and the daily timeframe chart showed bulls had an advantage since March. Therefore, XRP could be in a phase of accumulation- but the OBV does not reflect this.

The spot CVD is dormant once more but does its slope encourage buyers?

XRP consolidates above support zone- here's what buyers can watch out for

Source: Coinalyze

In the past week, the Open Interest has oscillated from $420 million to $450 million. On 7 July it began to rise alongside XRP prices, which climbed a miserly 1.47% from $0.4642 to $0.4725. Yet, the rise in OI was an indication of bullish conviction, although a very weak one.

Is your portfolio green? Check the XRP Profit Calculator

The spot CVD chart also climbed in sudden spurts on 4 and 7 July. This showed buyers outnumbered the sellers in the lower timeframes. It was possible that this could be the beginning of a slow rally.

Swing traders can wait for a breakout past the $0.5 zone. Moreover, the price must beat the recent lower high at $0.5272 before an uptrend can be initiated.


Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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