XRP witnesses large volatility but likely to slide inexorably lower

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion The volatility of the past few days meant Monday could establish important levels for lower timeframe XRP traders The bias remained strongly bearish for XRP The markets were dominated by sellers and fear was […]

revealed that the 24 hours preceding the time of writing saw $612k worth of positions liquidated, with a majority of them being long positions. The lowered volume of the weekend meant this figure could climb much higher on Monday.Since November, XRP has traded within a range that extended from $0.33 to $0.415. The mid-range mark sat at $0.374 and has acted as solid support and resistance since November. In the past few days, XRP saw a lot of volatility around this mark.

The 21 and 55-period moving averages also showed downward momentum as they formed a bearish crossover a few days ago. However, short sellers must be cautious. Volatility was likely, and traders can wait for Monday’s high and low before establishing a course of action for the coming week.The Awesome Oscillator noted steady bearish momentum since mid-February and continued to move beneath the zero line over the past few days.

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