Journalist
- Bulls of XRP managed to hold the lows in their long-term trading range
- A drop in volume of trading gave an indication as to what would happen next.
Ripple [XRP] The market has been trending upwards over the last five days. Gains of close to 18% have been registered since the lows reached on April 19. A previous AMBCrypto Report This could be caused by accumulation.
The number of XRP Wallets that hold at least one million XRP is nearing its all-time peak. The number of XRP wallets holding at least 1 million XRP is nearing its all-time high. History repeats itselfA large price increase could be on the way.
So far, the range of lows has responded very well.
TradeView: Source for XRP/USDT
The range of eight months, from $0.46 up to $0.71 is highlighted in purple. The bulls have fought valiantly for the last six weeks to hold the $0.585 mid-range (white dots). Above this support, a smaller range was created (yellow).
Eventually the pressure from bears won out and XRP was forced to fall to just $0.45. The bulls recovered from that plunge well. The bearish break-out block (red box), which was located in the $0.56 to $0.58 range, remained.
In the last week, the OBV trended up to show increased purchasing pressure. The RSI was above neutral 50 on the chart of 12 hours, indicating bullish momentum.
Trading volume is low and a bullish rebound could be a while away, even with recent gains.
Evidence for a longer consolidation phase
The Open Interest slowly increased as XRP’s price rose in recent days. The Open Interest grew from $360 to $398 in just five days, as XRP moved by 10%.
You can read more about it here Ripple’s [XRP] Price Prediction 2024-25
The spot CVD, on the other hand, was experiencing a steep decline. It was an indication of the lack of XRP demand on spot markets. Even though the speculators betted on continued gains, this was not supported by an organic demand.
Hence, XRP Bulls may take a little longer to get past the resistance level of $0.56.
Disclaimer: This information is not intended to be a source of financial advice, investment or trading recommendations, and represents the sole opinion of its author.