2024-04-09 01:04:48
- XRP maintained a higher time frame bullish structure.
- His inability to fight beyond the short term was worrying.
Then [XRP] noted some gains in the hours before press time, as bitcoins [BTC] jumped from $69.2 thousand to $71.2 thousand. The move was less than 3% for XRP, but marked a bullish start to the week.
Buying pressure was increasing, but an uptrend had not been established on a longer time frame. The token has traded within a range from August 2023 to the present.
There were some signs of accumulation: should investors start buying more XRP?
Fibonacci support levels were critical for XRP bulls
Source: XRP/USDT on TradingView
The rally from $0.485 to $0.744 earlier this year saw a considerable pullback. The 78.6% retracement level is yet to be tested following the local high formed.
Meanwhile, OBV continued an uptrend since February.
This was a strong sign of buying pressure. He indicated that accumulation was likely occurring and that XRP should see a rally sooner or later. However, you may not be ready for it yet.
The RSI was at 49 and has oscillated around the neutral 50 line for a month. This showed a persistent lack of momentum on the daily chart. XRP has also not been able to break out of the short-term range of $0.57-$0.64.
On-chain metrics show selling pressure was prevalent
Daily active addresses have been on a slow upward trend since February. Despite last month’s losses, the metric continued to rise.
It showed higher user engagement and a healthy network.
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On the other hand, the average investment age in dollars (MDIA) experienced a sharp drop in the last two months. At press time, it has not yet risen further or established an uptrend. If it did, it would be a sign of accumulation.
Idle circulation saw a massive increase on April 1, larger than any seen in 2024. It showed that selling pressure was intense and was a sign of lack of faith on the part of holders.
Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
Next: Is Ondo prepared for further price decline?
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