- XRP could not have a rally that breaks records in the next few weeks.
- Traders and Investors should keep an eye out for another retest in the HTF zone of resistance.
Ripple [XRP] Once again, the 12-hour chart shows a bullish market. XRP has been unable to move beyond the range of 7 months it has been in despite a bullish market sentiment.
AMBCrypto had earlier reported A whale had withdrawn over 18 million dollars XRP Tokens from the central exchange Binance [BNB].
The event showed that the big players are still looking for ways to accumulate even though Bitcoin [BTC] In recent months, it has been outperformed by a vast margin.
XRP is heading for the range-highs next
TradingView: Source for XRP/USDT
On March 2nd, a move above $0.624 was made and it showed a bullish trend. Since then, XRP is up by over 50%. risen to $0.6685 Before falling into the $0.52 to $0.54 area (cyan box).
It was clear that despite a dip in prices, they were heading higher by the time of publication.
The XRP price has been trading in a narrow range (purple), the $0.45 – $0.48 being the demand zone on a longer time frame and the $0.7 – $0.74 being the resistance zone.
Even though the RSI showed a weak bullish movement at 55, the structure suggested that future gains were likely.
The OBV is still below its resistance level of 2024. The lack of recent high volume buying was the reason for this, even though the indicator had been trending higher.
Another dip in the $0.54 area was possibleBitcoin is likely to fall below $66k, and even lower.
Where is the next Liquidity pocket lie
Source: Hyblock
Prices tend to gravitate towards areas that have the most liquidation. As of press time, $0.69 was estimated to be the level with $5.2B liquidation.
Data from Hyblock also revealed that $1.3B worth of liquidations were in the $0.65 region.
How much is 1,10,100 XRPs worth today?
It is therefore likely that XRP can reach the resistance of $0.7 in the next few days. Nevertheless, once this liquidity is gone, prices are likely to fall towards the $0.5 range in order to find liquidity.
Investors will be encouraged if the price of defense is able to break through $0.7-$0.74 as well as when it breaks above that range.
Disclaimer: This information is not intended to be a comprehensive guide. financialThis is the sole opinion of the author and does not constitute investment, trading advice or any other type of advice.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com
