Disclaimer: The information presented is not financial, investment, business or other advice and is solely the opinion of the author.
- The H4 market structure was bullish.
- Momentum and demand could fuel a rally towards $0.4.
Bitcoin Momentum and price action showed a bearish divergence over the past few days. This suggested that a pullback was likely.
The FOMC meeting on March 21-22 could see high volatility across the market. XRP It has traded in a range since November. At the time of writing this article, she had a bullish outlook.
realistic or not, here it is XRP Market Cap in BTC terms
The market structure was bullish, but that does not mean that the price will move towards the $0.415 high any time soon. However, he indicated that the Bulls had the upper hand after last week’s trade.
XRP needs to bounce off this lower time frame resistance area to become support
Highlighted in red is a resistance area at $0.39 that has been important for the past two months. It acted as support in mid-February, but has acted as resistance for the past week. The RSI on the 4-hour chart showed an RSI bounce from the neutral 50 level. This indicated that momentum remains in favor of the Bulls.
The CMF was also above +0.05 and showed significant capital inflows into the market, supporting the recent consolidation argument from selling pressure.
The mid-range level at $0.374 acted as support during the last uptrend. An H4 trading session below this level would turn the market structure bearish.
The signals remain bullish until the news is written. Traders on the shorter time frames can wait for the support of the highlighted resistance area to hold before looking to buy.
How much they cost 1,10,100 XRP worth today?
More aggressive traders may consider selling a retest of the $0.39 resistance. They would have to strictly control their risk appetite, as the trade would be against the market structure on the 4-hour time frame.
Bulls gain strength as price rises
The 15-minute time frame showed a jump in open interest in the past few hours. The OI has been growing rapidly in the last 24 hours and has seen an increase of almost $20 million. Coupled with the appreciation in the XRP price, it was a sign that an uptrend is likely in the coming hours.
Spot CVD has also rallied in the last 12 hours and has shown buying strength on the lower time frame. This could result in a breakout of $0.39 for XRP. In that scenario, $0.4 and $0.415 will become resistance levels to watch on lower time frame charts.