Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. XRP could take some time to consolidate around $0.42 before another leg higher. The range breakout and retest fueled strong optimism. After consolidating within a range since November, Ripple [XRP] saw a violent breakout […]
highlighted that XRP is becoming easier to use and even has NFT capability added to the XRP Ledger. Could this help maintain the bullish sentiment?Source: XRP/USDT on TradingView
The former range extended from $0.33 to $0.42, with the mid-point at $0.377. The breakout occurred on 21 March, and the range highs were also retested. This was a classic case of support-to-resistance, and it happened in the one-day timeframe, which added to its significance. The $0.45 and $0.51 resistance levels to the north can temporarily halt the bullish advance of XRP. Rejection and a shift in structure to bearish on the four-hour chart were also possible and can be used as an early indication that the breakout had lost strength.
The RSI was at 61.5 and showed strong bullish momentum. The OBV had been rising even before the breakout and presaged the upward move. To the south, the $0.42 level itself, as well as the imbalance in the $0.39-$0.4 region, can be used to buy XRP. Yet, a decline to the $0.39 level in the coming days would be a sign of weakness from the buyers.The 90-day MVRV ratio reached a three-month high during the surge to indicate holders were at an enormous profit.
The highly positive MVRV meant some more selling could follow, and traders should shy away from blindly bidding for XRP at press time market prices.Subscribe to get it daily in your inbox.
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