- XRP may well perform in the event of a bitcoin rebound, because the sales pressure was less.
- A $ 2.4 rebound was probably in the short term, and continuous gains would return short -term prejudices.
Ripple (XRP) showed a force against Ethereum (ETH), the first between altcoins by market capitalization. Coinmarketcap data showed that XRP earned 5.57% in 24 hours, compared to 2.25% ETH.
Even if not, ETH has erased all its earnings following the American presidential election, while XRP was still up 351% compared to the bottom of November 4. Can XRP recover after the $ 2 support holder?
XRP maintains its lower structure
Source: XRP / USDT on tradingView
XRP has formed several ranges in recent months. Everyone was shorter than the previous one.
The most recent, which was out of mid-February, reversed the bullish movement and fell below the lower range.
The low -end was the level of Fibonacci of 78.6% based on the rally earlier this year which reached the summit of $ 3.4.
While the price has retraced almost all the gains in this rally, the A / D indicator continued to rise up.
This meant that the accumulation took place despite the retracement. The lack of sales pressure meant that XRP recovery could be fast.
Given the downstream structure and the importance of the level of resistance of $ 2.3, a higher movement probably did not appear in the short term.
The MFI was at levels of occurrence and suggested a rebound price potential, but this decision could find it difficult to push more $ 2.3.
Source: Coringlass
The one month’s liquidation thermal card showed a large liquidity pocket at $ 2.84 to $ 2.88. It was the lowest in mid-February after the retraced the rupture of the raised beach.
The levels of $ 2.36 and $ 2.62 were also large temporary magnetic areas that could attract prices.
Source: Coringlass
The one -week graph has shown that a high -term magnetic area was present at $ 2.36, as also illustrated on the monthly table.
Thus, a short -term price rebound at $ 2.36 to $ 2.4 was likely, then would be followed by a drop in prices.
Indeed, even if the A / D indicator has shown moderate sales pressure on the daily graphic, the market structure was lower.
Notice of non-responsibility: The information presented does not constitute financial investments, exchanges or other types of advice and is only the opinion of the writer
