XRP traders can expect volatility in the coming days as market sentiment was bearish, with potential for a short squeeze.
The range formation has been in play for a year and reached from $0.46 to $0.71, with the mid-range level at $0.585.The MACD showed a bearish crossover and indicated that the momentum was turning bearish in recent weeks. The low of the Bollinger band at $0.5 could be tested soon.
In the coming weeks, the mid-range rejection will likely solidify into a retest of the range lows once again.The liq levels delta was deeply negative and showed short positions were overwhelming. To counteract this and balance things out, a short squeeze or a price move upward was likely.The 7-day lookback period highlighted $0.56 and $0.586 as the short-term liquidity clusters of interest.
Therefore, traders can expect some volatility. A move toward $0.6 would offer swing traders an opportunity to sell XRP, and $0.46-$0.5 would present a buying opportunity. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
XRP price prediction: XRP eyes 10% gain as it rebounds from key levelXRP price prediction shows the altcoin could eye an extra recovery gain of 10%. However, overall market caution still exists.
Read more »
XRP surges past THIS key level: Is a rally to $0.64 next?XRP breaks $0.5657 resistance. Net outflows and whale activity signal bullish sentiment. Can it rally to $0.6487? Analysis inside.
Read more »
XRP rallies post-SEC victory: Is this the start of its bull run?Could XRP be poised to reach new heights following its recent legal victory against the U.S. Securities and Exchange Commission (SEC)?
Read more »
XRP, Ethereum surge by double digitsEthereum and Ripple rebounded with significant price increases, spurred by heightened social media activity and key developments.
Read more »
XRP and Ripple’s long-term outlook – Here’s what needs to change soonXRP's short-term picture seems rosy enough, but is that enough to change what has been a disappointing long-term trend?
Read more »
Assessing XRP’s +10% rally – Ripple’s DIFC news to the rescue?XRP's latest rally pushed it above key resistance levels. Can the popular altcoin hold these levels though? Well, that depends on...
Read more »