Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion XRP was in a bearish market structure and could drop to a 23.6% Fib level ($0.3839) XRP saw a decline in trading volume and active addresses in the past 24 hours Ripple [XRP] was […]
Source: TradingView
Two key technical analysis indicators point towards the above bearish outlook. In particular, the Relative Strength Index indicator dropped below the 50-neutral mark and crept sideways. This showed that buying pressure waned off, and selling pressure was steadily rising. But a candlestick close above the 50% Fib level could negate this bearish inclination. In such a case, XRP could target a new resistance level at 61.8% Fib level ., XRP’s recorded a drop in active addresses in the past 24 hours. Correspondingly, the reduction in active addresses engaged in trading led to a decline in trading volume . Thus, this indicated a drop in buying pressure.
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