XRP falters at bearish zone, are sellers back in the game?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Market sentiment inclined to sellers with 52.2% shorts advantage over longs.
has been on a steady uptrend, since 16 June. From 16 June to 22 June, XRP bulls rallied from the $0.4600 price zone and steadily drove prices higher to reach a mini-high at $0.5277.This move amounted to gains of 15.5% within a week but almost half of the gains were erased within a 12-hour period on 22 June. A swift price rejection at the bearish order block saw prices sink under the $0.4940 resistance level.The Volume Profile Visible Range tool showed the Point of Control at $0.4620.
The Value Area High was at $0.5456 and the Value Area Low was at $0.4172 . This marked levels for traders to keep an eye out for price movements which could determine XRP’s long-term trend. With the POC serving as a base for the previous bullish rally, a break below it could signal a shift in momentum from bullish to bearish. However, bulls could yet rally again from that level, especially with the overall bullish sentiment still prevalent in the market.
In the meantime, the Relative Strength Index remained under the neutral 50, hinting at insufficient demand for a sustained rally. The Chaikin Money Flow dipped under the zero mark on 23 June. It climbed briefly to +0.09 before slumping to +0.02. Overall it showed decreasing capital flows into XRP.
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