Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
Short-term traders can try trading 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 for the past two weeks. In late May and on select days in mid-June, XRP was one of the consistently bullish performing altcoins in the 4-hour time frame.
Read XRP’s 2023-24 Price Forecast
The price action suggested that while the trend has shifted bearish, 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 below $0.5
The price action in a higher time frame of XRP, such as the 1-day, showed that the asset has been trending up since March. Since mid-May, the bulls have had a harder time getting the rally started. They reached the local high of $0.566 on June 13, but the price has been falling ever since.
On the 4-hour chart, both the market structure and trend of XRP have been bearish, but the buyers have vigorously defended the $0.46 support zone. During this time, XRP saw a short but strong increase to $0.528 on June 22, before dropping to $0.45 by the end of June.
The OBV was also in a slow downward trend, showing that the sellers had the upper hand. The RSI has also been below the neutral 50 in recent days to highlight bearish momentum. Still, the bulls refused to relinquish the $0.46 zone.
XRP’s price action has led to lower volatility over the past two weeks. The $0.5 level is important psychologically and technically, and the daily timeframe chart showed that bulls had an advantage since March. Therefore, XRP could be in a phase of accumulation, but the OBV does not reflect this.
Spot CVD is inactive again, but does the slope encourage buyers?
Over the past week, outstanding interest fluctuated from $420 million to $450 million. On July 7, it began to rise alongside XRP prices, which rose a stingy 1.47% from $0.4642 to $0.4725. Still, the rise in OI was indicative of optimistic conviction, albeit a very weak one.
Is your wallet green? Check out the XRP Profit Calculator
The spot CVD chart also rose in sudden spurts on July 4 and 7. This showed that there were more buyers than sellers in the lower time frames. It was possible that this could be the start of a slow rally.
Swing traders can wait for a breakout past the $0.5 zone. In addition, the price must beat the recent lower high of $0.5272 before an uptrend can be initiated.
This post XRP bulls are trying to fight the short term bearish trend
was published first on https://ambcrypto.com/xrp-bulls-attempt-to-fight-the-short-term-bearish-trend/