Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
The drop in XRP prices, while rapid, did not invalidate the range formation yet. Bulls do not yet have the strength in the market to force a recovery.
Bitcoin fell 6.3% on Wednesday (April 19) and the selling pressure behind the king of crypto reverberated across the crypto market.
XRP also posted losses of 12.3% based on Wednesday’s swing points. Although a bearish breakout had not yet begun, traders should be prepared for such a scenario.
Read XRP’s 2023-24 Price Forecast
Bitcoin’s inability to hold the $30,000 mark highlighted the strength of the sellers. If BTC drops below $28.6k, $26.5k and $25.2k are the next support levels to watch out for. XRP could also see a downward trend.
XRP saw a rebound from range lows, but do bulls have strength in the market?
Source: XRP/USDT on TradingView
XRP has been trading since April 2 within a range that spanned from $0.528 to $0.48. During the wave of selling on April 19, a 4-hour trading session did not come close to the lows of the range. However, it was likely that the mid-range of $0.505 will act as resistance.
The RSI stood at 37 and showed bearish momentum. A rejection of neutral 50 on the RSI accompanied by an XRP price rejection of $0.5 or $0.515 could cause prices to resume their downward trajectory.
The Bollinger bands expanded to show heightened volatility, but the 20 SMA had confluence with the mid-range resistance.
How much is 1, 10 or 100 XRP worth today?
The A/D indicator has formed a series of lower highs and lower lows since April 12, although XRP rose twice in the past week to $0.53. This suggested weakened buyers. In the coming days, the $0.48 and $0.45 support levels are what you should pay attention to.
Selling pressure mounted sharply and speculators remained bearish
Source: Coinalyse
Spot CVD took a nosedive on April 19 after climbing higher and higher from April 17. This showed that the XRP bulls had some strength in the market earlier in the lower time frames, but their attempts to force a breakout were in vain.
Open interest also fell by nearly $100 million in 24 hours, highlighting long positions being caught off guard. Recovery was possible in the short term, but the evidence did not yet support the bulls.
This post XRP sellers are enjoying the bearish outlook as the selloff could drive prices down
was published first on https://ambcrypto.com/xrp-sellers-enjoy-the-bearish-vista-as-selling-wave-could-force-prices-lower/
