Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- XRP has reversed gains from the second phase of the recovery.
- The long-term price development became negative.
Ripple [XRP] sellers gained more market leverage at the end of September. Sellers pushed XRP below $0.513 from $0.548. The decline saw sellers take more than 6% of the shorting profits based on the press time value of $0.507.
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In the meantime, Bitcoin [BTC] faltered at a high of $28.3k, further encouraging XRP sellers.
The focus now shifts to whether BTC can defend the mid-range near $27.1k to confirm whether a rebound or pullback extension is likely.
What is the possible price projection of XRP in the short term?
Source: XRP/USDT on TradingView
In a previous one XRP Price AnalysisAMBCrypto predicted that the daily bearish order block (OB) of $0.54 could derail bullish efforts. The prediction was validated, allowing sellers to gain more benefit on the shorter time frame.
In the span of four hours, the extended pullback crossed the USD 0.5130 level. This move could encourage sellers to extend gains to the H12 bullish OB of $0.489 – $0.500 (cyan).
So if XRP fails to reclaim $0.513, near-term bulls could mark the bullish OB of $0.489 – $0.500 (cyan) as the key interest rate level. The next target levels to watch are $0.513 and $0.525 in the near term if the pullback extends to the bullish OB.
Meanwhile, the RSI retreated below 50, underscoring increased selling pressure in recent days.
Similarly, the CMF retreated southwards and crossed the zero threshold, indicating significant capital outflows over the same period.
The long-term price trend of XRP turned negative
Source: Coinalyse
The prolonged price decline further weakened the XRP market, turning the long-term price trend negative as shown by the Accumulative Swing Index (ASI). ASI tracks the strength of price movements, and the negative value meant that the long-term price action was in a downward trend as of the time of writing.
How many Worth 1,10,100 XRPs today?
However, the fluctuating CVD (Cumulative Volume Delta) in recent days showed that neither sellers nor buyers had market leverage.
Furthermore, thanks to the muted demand evidenced by relaxed open interest rates, traders can monitor BTC movements to mitigate risk.