The losses of Bitcoin in recent hours dragged XRP down with it, but XRP traders could wait for a buying opportunity upon a retest of a nearby support level.
The mid-range support level was hotly contested since 1 May, but it was ceded by the bulls in recent hours. While this development showed bears were in control, it was possible that XRP bulls had some fight left in them.Since 21 April, XRP has traded within a range that extended from $0.44 to $0.48. The $0.48 was also a significant resistance level. The mid-point of this range was at $0.46 and has acted as support in recent days.
The RSI fell beneath the neutral 50 mark after the rejection from the $0.48 range highs on 30 April. The OBV was in decline over the past three days. Therefore, there was some bearish momentum in the near term that can push XRP to the $0.44 support.From there, it was possible that the bulls can force the bears back and drive prices back to range highs. Until there was a sharp wave of selling that drives BTC lower, it remained likely that XRP would see a bounce.
A positive reaction can allow traders to long XRP with a stop-loss beneath $0.4335, targeting the range highs.Over the past couple of days, the funding rate began to decline slowly. Coinalyze data showed it was in negative territory at the time of writing. This meant that short positions were the majority in the market, and signaled bearish sentiment in the market.
The Open Interest declined alongside the price of XRP in the past 24 hours. This discouraged long positions in the market and further cemented the idea of bearish sentiment in the short term. This does not rule out the possibility of a bounce from $0.44, but it showed that XRP buyers at that support level must wait for a strong bullish reaction and exercise caution.
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.
Bitcoin May 2 daily chart alert - Bulls fading a bit
Read more »
Crypto SWOT: Bitcoin may be eyeing $50,000 next yearCommentaries from industry expert Frank Holmes focusing on gold price movements, what's moving markets and what to expect in the metals sector. This includes his weekly Gold SWOT analysis, which is also featured in his own Kitco News show Gold Game Film
Read more »
Safemoon vs Dogecoin – How do they perform when Bitcoin rises and falls?Dogecoin [DOGE] and Safemoon [SFM] have inherent cons and pros, especially during BTC price swings. Here’s how they compare ...
Read more »
BTC traders could be in soup as Bitcoin oscillates between red and greenAs of 1 May, BTC's hashrate reached a new all-time high of 473.87 EH/s. The spike in hashrate could be attributed to the rising Bitcoin ordinal inscriptions. However, despite this, BTC traded in the red at the time of writing.
Read more »
![Assessing Bitcoin’s [BTC] state as Ordinals hit a new record](https://i.headtopics.com/images/2023/5/3/cryptoamb/assessing-bitcoin-s-btc-state-as-ordinals-hit-a-ne-assessing-bitcoin-s-btc-state-as-ordinals-hit-a-ne-1653694134920568839.webp?w=640)
Assessing Bitcoin’s [BTC] state as Ordinals hit a new recordOrdinals hit a new all-time high in terms of both daily inscriptions and fees paid. During the episode, BTC’s hashrate also increased, as did miners’ revenue
Read more »
Bitcoin May 3 daily chart alert - Range-trading recently
Read more »