Bitcoin's inability to hold on to the $30k mark highlighted the strength of the sellers. XRP posted losses of 12.3% based on Wednesday's swing points, and more could follow if the bulls lose support zone at the range lows.
also posted losses of 12.3% based on Wednesday’s swing points. While a bearish breakout had not yet commenced, traders should be prepared for such a scenario.Bitcoin’s inability to hold on to the $30k mark highlighted the strength of the sellers. If BTC fell below $28.6k, $26.5k and $25.2k are the next support levels to watch out for. XRP could see a downtrend as well.
XRP has traded within a range that extended from $0.528 to $0.48 since 2 April. The wave of selling on 19 April did not see a 4-hour trading session close below the range lows. However, it was likely that the mid-range mark at $0.505 will act as resistance. The RSI was at 37 and showed bearish momentum. A rejection from neutral 50 on the RSI accompanied by XRP price rejection at $0.5 or $0.515 could see the prices resume their downward trajectory.
The Bollinger bands expanded to show heightened volatility, but the 20 SMA had confluence with the mid-range resistance.The A/D indicator formed a series of lower highs and lower lows since 12 April, even though XRP rose to $0.53 twice in the past week. This suggested weakened buyers. In the coming days, the $0.48 and $0.45 support levels are the ones to watch out for.The spot CVD took a nose dive on 19 April after climbing steadily higher from 17 April.
The Open Interest also declined by close to $100 million within 24 hours, and highlighted that long positions were caught well off-guard. Recovery was a possibility in the near-term, but the evidence did not support the bulls yet.
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