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Will XRP’s price see another 8% drop? New predictions suggest…

2min Read

XRP was not unaffected by the market’s sudden bearishness as it fell down the charts, again.

XRP investors still hopeful despite the bearish reaction at the range high

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  • XRP could descend toward the mid-range level which is another ~8% drop.
  • The buyers have lost their dominance over the past week.

Ripple [XRP] saw a rejection from its 7-month range highs at the $0.71 level. This move and the subsequent rejection happened pretty much as laid out in an AMBCrypto analysis from a week ago.

A look at its on-chain metrics earlier this week suggested that accumulation was underway and investors were confident. However, it remains to be seen on the price chart, with the $0.7 level still looming large.

The market structure maintains a bullish bias

XRP Daily Chart

Source: XRP/USDT on TradingView

The daily chart of XRP showed that despite the near 15% pullback in the past five days, the market structure remained bullish. A move below $0.525 is necessary to change this.

The RSI also remained above neutral 50, but with a reading of 54, it showed that momentum was neutral.

The OBV was unable to defend a resistance level that it appeared to flip to support last week. This saw the indicator fall as selling pressure climbed. Together, the indicators signaled that the bulls were having a hard time.

The $0.624 is a lower timeframe support level that might not hold. The mid-range level at $0.585 and the $0.52-$0.54 region were two key demand zones where XRP could see a bullish reaction.

Selling pressure continues to increase on the shorter timeframes

XRP Coinalyze metrics

Source: Coinalyze

The Open Interest behind XRP has dwindled steadily since the 14th of March. Alongside the falling prices, the inference was that bearish sentiment has set in. Speculators were not prepared to bet on XRP to reverse its short-term downtrend.

How much are 1, 10, or 100 XRP worth today?

Meanwhile the spot CVD has headed southward since the 5th of March. The lack of demand in the spot markets was something that was a concern to long-term holders.

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


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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