Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice The short-term market structure was bearish for XRP The indicators showed sellers had the upper hand, but only by a small margin XRP fell beneath a bullish order block and flipped it to a bearish […]
also saw losses on 5 December, when it dropped from $17.3k to $16.9k. It retained its bullish structure on the four-hour and 12-hour timeframes but faces stern resistance at the $17.8k-$18k area.Source: XRP/USDT on TradingView
This showed the $0.384 region was a good demand zone. However, since then, this bullish order block has been tested several times. In recent hours, the price saw an hourly session close beneath this zone. Therefore, the former bullish order block had become a bearish breaker. The $0.3945 level of resistance above it had been flipped to resistance a few days before the time of writing. The $0.382-$0.384 has been significant on lower timeframes in the past two weeks. The formation of this order block near this level gave it significance.
Since 21 November, the Open Interest has slowly increased from $334 million to $441 million across the most popular exchanges. During this time XRP rallied from $0.352 to $0.41. However, at the time of writing, the lower timeframe market structure was bearish.
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