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XRP consolidates below range lows- Here are key levels to consider

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Ripple’s [XRP] tight range consolidation continues below key level. Is there a likelihood of a breakout?

XRP consolidates below range lows- Here are key levels to consider

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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

  • XRP consolidated narrowly below the previous $0.44 – $0.48 range.
  • Liquidation and open interest rate data at press time leaned toward bears.

Ripple’s [XRP] performance on the price charts has been muted for the past three weeks. Nevertheless, a recent report established that those holding 1-10 XRPs increased in mid-April despite the declining network traction. 


How much is 1,10,100 XRPs worth today? 


In mid-April, XRP dropped from $0.55 before consolidating between $0.44 and $0.48. Bears breached this range on 8 May after Bitcoin [BTC] dropped to $26k. 

In the past seven days, XRP has been trading narrowly between $0.41 and $0.44, with the previous range lows becoming a key hurdle for near-term bulls. 

Is a breakout likely?

Source: XRP/USDT on TradingView

The previous range lows of $0.44 have rejected bulls’ efforts to go beyond this level. This has forced XRP to oscillate narrowly between $0.412 and $0.441 since 8 May. 

In the meantime, the 4-hour RSI oscillated between the median level and lower ranges – indicating limited buying pressure. Similarly, the OBV appeared flat – confirming demand wavered in the past few days. 

If the trend persists, XRP could continue oscillating between $0.412 and $0.441 in the next few hours/days. Ambitious bears could, however, stretch XRP losses to $0.3998. Traders could target range highs and lows for profit-taking. 

On the upside, near-term bulls could clear the $0.44 obstacle if BTC surges beyond $27k. Such an upswing could set XRP to target the former mid-range level of $0.462 or the range high of $0.48. 

Sellers had slight leverage in the futures market

Source: Coinglass


Is your portfolio green? Check XRP Profit Calculator 


According to Coinglass data, XRP’s exchange long/short ratio showed sellers dominated at 52.53% on the 4-hour timeframe. Long positions stood at 47.47%, reiterating a slightly bearish bias in the futures market. 

On the liquidation front, more than $500k worth of long positions were wrecked in the past 24 hours. However, less than $50k of short positions suffered liquidations in the same timeframe, confirming the bearish outlook in the futures market.  

Ergo, the $0.44 obstacle could persist for near-term bulls unless the market sentiment takes a U-turn. 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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