Altcoin
XRP Price Prediction: An Unexpected Move Can Help the Altcoin IF…
- XRP has seen its market structure with a lower time horizon and its momentum reverse to the downside
- Despite strong selling pressure, there is a possibility of recovery
XRP has been limited for the past ten months. In the last two months it has formed a smaller range and has shown no signs of improvement burst of this range at the time of this writing. In fact, technical indicators suggested that a price rebound from $0.514 could happen.
Alas, this did not happen. XRP fell 14.6% on June 7, and did so after rebounding 10% from its lows, signaling a news-driven impulse move. What can traders expect from the altcoin in the near future?
The middle range of the lower time period has been lost
Source: XRP/USDT on TradingView
The two-month range (yellow) extends from $0.47 to $0.56. The average level of $0.514 served as support earlier this week, but Bitcoin on Friday [BTC] the crash dragged XRP lower. This has reversed the lower time frame bearishly.
The OBV has been trending downwards since April. It attempted to recover in May, but has seen lower lows over the past ten days. This revealed that even though XRP was above the mid-level of the short-term range, buying pressure remained weak.
The RSI on the daily chart was also below the neutral 50, signaling an ongoing downtrend. This, combined with the loss of the psychological $0.5 zone, could see XRP fall to as low as $0.45.
Assess the chances of another sharp decline
Source: Hyblock
The price action chart and technical indicators have been signaling a bearish trend. On the other hand, the liquidation chart revealed that traders may want to counter the downtrend. Liquidity pockets as low as $0.45 were also wiped out.
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The next large group of liquidity is located at $0.58, which is the mid-level of the 10-month range. Therefore, although it would be counterintuitive, it seemed likely that XRP could rise towards $0.58 in June before another rejection.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents solely the opinion of the writer.