- The price of XRP has registered high volatility in the past month
- The process in the coming weeks can be a movement under $ 2
XRP Bulls was confronted with the prospect of defending the psychological support level of $ 2 for the second time in two weeks. However, it successfully came from the test. And yet the higher Swing structure of the timetable bear -like has shifted thanks to the most recent southern movement.
The statistics on the chain flashed a mixed result, with the same hint on bearish continuation on the charts. The increase in the XRP dominance and the growth of the risk-corrected efficiency meant that XRP retained a long-term bullish prospect. Moreover, the daily timetable revealed that traders must be aware of a downward move.
Decoding the rapid structure of XRP shifts
Source: XRP/USDT on TradingView
In Green the Bullish Structure break was emphasized on Sunday 2 March. The Red Level emphasized the Bearish structure to as XRP fell under the most recent low point. The swing structure seemed a bit out and seemed to have its higher layer at $ 2.05 (dotted orange).
A daily session closed below this level meant that the swing structure and substance were both bearish. This would probably lead to further XRP losses. The retracement levels of 61.8% and 78.6% at $ 2.58 and $ 2.76 would be the most important resistors to view in the coming weeks.
In the meantime, the technical indicators suggested mixed results. The DMI reflected a bearish trend in execution with the -Di (red) and ADX (yellow) above 20. The great oscillator was under zero, some downward momentum.
And yet the CMF was at +0.08, which means that the influx of capital was considerable and the purchasing pressure was present.
The 1 -month liquidation heat showed that the $ 2.36 zone had been a remarkable liquidity cluster. XRP did not see a bearish there. In the coming days, the regions of $ 2.5- $ 2.55 and $ 2.7 would be the following magnetic zones for the price.
They seemed to be in line with the previously marked Fibonacci retracement levels. That is why traders can expect a price in the coming days at $ 2.7- $ 2.8. This would probably get a bearish reversal in the coming weeks. The rapid structure shifts in the past month as a warning about potential XRP volatility in the coming weeks.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
Credit : ambcrypto.com
