XRP Soars 21% Despite Selling Pressure; Investors Cautioned

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The Key Points in Brief

The cryptocurrency XRP has seen a rise of 21% in the last seven days, indicating a bullish trend. However, there are signs of increasing selling pressure. While the technical indicator and market structure could support further gains for XRP, the lower time frames suggest that the bulls may not be strong enough to sustain the upswing.

Technical Analysis of XRP

The technical analysis shows that XRP has broken through the bearish market structure since mid-February and has retested the former bearish order block at $0.52 as support. This was followed by a strong upswing above the resistance zone of $0.6. The RSI shows strong bullish momentum and the OBV has slowly increased over the last month. This buying strength could drive prices further up.

The Challenges for XRP

The challenges for XRP lie in the critical HTF levels. In the last seven days, XRP rose by 21% from $0.5288 to the current market price of $0.642. The resistance region between $0.704 and $0.712 has twice forced the XRP bulls to retreat since last November. An analysis shows that XRP has been forming a range between the levels $0.704 and $0.501 since July 2023. The trend is currently strongly bullish on the 12-hour chart, but could change near the $0.7 mark.

Changes in Demand

While the OBV has increased over the last month, the Spot CVD has decreased over the last five days. This suggests that the rise could be primarily driven by speculative activities. The open interest and funding rate continue to support the idea of a strong bullish sentiment in the market. However, the discrepancy between the CVD and the XRP prices in recent days is concerning.

Our Assessment

Although XRP is showing strong performance, investors should be cautious. The discrepancy between the CVD and the XRP prices could indicate a possible correction. It is important to closely monitor market dynamics and technical indicators to make informed decisions. Remember that cryptocurrency investments always involve some risk.

Sources: Akashnath S, Ann Maria Shibu, Coinalyze, TradingView.

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Casinos: 33
Profile Ripple
Symbol XRP
Coin type Alt Coin
Pros
  • High availability (max. 100 billion coins)
  • Fast and forgery-proof transactions
Cons
  • Criticized for high centralization
Price 0,49 €
Percent Change 24h -3,53 %
Percent Change 7d 8,54 %
Percent Change 30d -18,36 %
Percent Change 60d -3,27 %
Percent Change 1y 14,45 %
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Socials X
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