The recent drop in XRP price below $2.9 sparked market panic and a liquidation cascade. While the RSI indicates a shift in momentum, the OBV suggests recent selling volume might not be enough to overcome previous accumulation. Traders are awaiting a possible move towards $1.77 to sweep liquidity before a potential bullish reversal. Key levels to watch include $2.46, $1.92, and $3.23.
The 1-day chart showed the past two weeks’ range formation shattered after a daily session close below $2.9, invalidating aThe drop below $2.9 was spurred by market-wide panic and a liquidation cascade a few hours before the time of writing.
Surprisingly, the OBV did not form new lows compared to mid-January. It hovered just above those higher lows, a sign that recent selling volume was not enough to overcome the accumulation of the previous two weeks.By itself, that was no sign to buy more XRP right away. The H4 chart showed the decline to $1.77 on Binance and the swift bounce higher.
Instead, traders and investors can expect another move to the $1.77 level in the coming days to sweep the liquidity that will likely build up. A bullish reversal can be assessed thereafter.The 3-month liquidation heatmap showed that the $1.7 area also had a noticeable amount of liquidation levels. A move toward $1.77 might dip slightly lower to collect this liquidity before reversal.
XRP Price Prediction Dead Cat Bounce Technical Analysis Liquidity
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
XRP Price Prediction: $500B Market Cap and $8.7 RallyCrypto analyst predicts a 262% price surge for XRP based on a bullish flag pattern. Low selling pressure on exchanges indicates strong confidence in a potential rally. XRP could reach $8.7 if Brandt’s prediction of a $500B market cap is realized.
Read more »
XRP Price Analysis: Bullish Momentum Persists Despite DropA breakdown of the technical indicators for XRP, highlighting both bullish and bearish signals.
Read more »
XRP's Price Surge Fuels Potential 'Flip' of EthereumXRP's price has surged past $2.30, reaching a market cap of $206.9 billion. This growth has sparked discussions about XRP potentially overtaking Ethereum in market capitalization.
Read more »
XRP Price Analysis: Range Breakout or Continued Consolidation?Despite recent selling pressure, XRP's long-term outlook remains bullish. Technical indicators suggest a potential range breakout, while the liquidation map points towards a move towards the upper range highs.
Read more »
Whale frenzy: 1 billion XRP accumulated in 48 hours means THIS for price!XRP whales accumulated 1 billion tokens in 48 hours, sparking network growth and steady holder hikes. Is this a bullish signal?
Read more »
XRP Price Surges Towards Breakout, Sparking Bullish OptimismXRP's price is showing strong signs of a potential breakout, fueled by increasing buyer confidence, rising network activity, and whale positioning. The altcoin is inching closer to overcoming critical resistance levels, potentially triggering a significant rally.
Read more »