The outlook for the XRP market became uncertain again in the coming days after being rejected at $0.64. Price trends and indicators indicated that there is a buying opportunity for a 12% upside.
Ripple (XRP) experienced a major price reset last week. The token is threatening to break out of the $0.625 local resistance zone, which the bulls achieved on Sunday, September 29th. Since then, XRP has fallen 21% on the price chart.
The Bitwise XRP Exchange Traded Product (ETP) application has quickly gained social media attention. However, the increase in whale trading started when Bitcoin (BTC) was rejected at the $66.5k resistance level.
Will the bulls succeed in defending the $0.5 support zone amidst subdued market sentiment? It is possible, especially if BTC can also stop losses.
XRP Price Prediction Shows Cruel Rejection for Bulls
Source: XRP/USDT on TradingView
The nearly 20% drop lasted just four days. This continued the bearish trend in the first week of the month for cryptocurrencies since July. In the second week of June, the trend became bearish for the next two weeks.
XRP bulls will be hoping for a break out of this situation. Swing traders in particular will be sniffing out a buying opportunity. OBV and price are at support levels. BTC’s downward momentum has stopped at around $60,000.
The Awesome Oscillator is at zero, indicating that the upward momentum of the last week of September has been negated. Bulls will be looking for significant buying volume when the price rebounds.
Breakout attempt sparks a storm of XRP selling
Source: Santimento
The average age of the coins trended upward in September, with accumulation seen. Over the past few days, this indicator has fallen catastrophically to show intense selling pressure. The 30-day MVRV also dropped to nearly -10%.
Read Ripple (XRP) Price Prediction 2024-25
This shows that short-term holders lose -10% on average. This means that most of these buyers entered around $0.57 to $0.58.
This also clues us in that the $0.585 level, which is also the long-term median level, will likely pose a formidable obstacle on the way up.
Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.
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