Crypto analyst CasiTrades has warned that the XRP Price Structure has turned bearish, putting the altcoin at risk of a further decline. The analyst also suggested that the price could still fall below $1 as it looks like a bottom is being found.
XRP Price Structure Shifts Bearishly With Key Levels Below
In one X messageCasiTrades stated that the XRP price structure has shifted bearishly, with significant levels below. She further revealed that the price is starting to gain selling power and that the trend line break seeks resistance. The analyst added that the price loses the bottom of the B wave, causing momentum to shift towards support.
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CasiTrades also stated that the $1.11 and $0.87 levels are the main downside targets, indicating that the XRP price could still fall below $1. Meanwhile, local resistance is at $1.40, with the analyst noting that as long as the price remains below that, the market is likely to move lower. Therefore, she believes that current levels are still a no-trade zone. She urged market participants to wait for lower supports to be reached or for a reversal to occur Macro resistance at $1.65.
It is worth noting that XRP price recently climbed above the USD 1.40 resistance and could negate the bearish structure if it breaks above the USD 1.65 macro resistance as CasiTrades mentioned. This rally is a result of Bitcoin’s rally to around $70,000, after falling to $64,000 earlier this week.
CoinGlass data shows an increase in activity in the derivatives market amid the rally in XRP price above $1.40. Trading volume increased by more than 33% to $6.20 billion, while open interest increased by more than 6% to $2.39 billion. The long/short ratio is above 1, indicating that most traders are currently long on the altcoin.
The bottom has not yet been reached for XRP
In one X messagecrypto analyst TARA stated that she is not convinced that the XRP price bottom is in sight. The analyst noted that an early indication that the bottom is in would be a break above the macro level of .618 at $1.47. XRP is said to be currently testing that level as resistance, which TARA says is a “super critical moment.”
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The analyst suggested that to reach the bottom of the XRP price, a clear break above $1.88 would be needed, with such confirmation still far away. However, she added that a break above the macro .618 support is a very good first step and an important level to maintain when it is turned around.
At the time of writing, the XRP price is trading around $1.44, up over 6% in the past 24 hours. facts from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com