Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice XRP has a bullish market structure The fair value gap to the north could be a place where sellers remain dominant The social metrics of XRP saw a huge surge recently. LunarCrush reported social engagements […]
XRP’s Price PredictionWhile lower timeframe bulls could be euphoric, it might be time for buyers to curb their enthusiasm. XRP approached a zone of resistance and would need to beat the $0.45 resistance to encourage further buying. Yet, the rally thus far was backed by genuine demand. IfXRP is about to retest range lows while the OBV sees a breakoutOn the daily timeframe, XRP saw a straight drop on November 8 from $0.464 to $0.407. This region has not been revisited since.
Even though XRP has climbed past the $0.39 level to flip its market structure to bullish, the context was important. The inefficiency in the $0.42-$0.46 region was a strong zone of support since September. Now, it was likely to be cluttered with sell orders. The bulls had some hope, though. The On-Balance Volume has broken past an important resistance level since April, even though the price has not rallied as strongly yet. This suggested that significant buying pressure was behind XRP’s bounce from the $0.33 support level. Hence, if $0.45 can be broken and retested as support, the bulls might want to re-enter long positions. In the meantime, any price foray into the $0.44-$0.45 region can be regarded as a selling opportunity.
This bearish notion would be invalidated on a daily session close above $0.45. The Relative Strength Index was at neutral 50 and did not show a robust trend in either direction on the daily timeframe.The funding rate on Binance slipped back into negative territory even as the price ascended into a zone of resistance. This could indicate that futures traders were beginning to turn bearish. Social dominance was at 0.7%, which was close to the lows for the metric since September.
Dormant circulation was also low. The 90-day figure saw a peak at 1.23 billion XRP on 15 November, when the price rallied to $0.39. Since then, the price has seen a pullback to $0.36 and another move higher. This could be a sign that the selling pressure had died out for now. It must be noted that not every dormant circulation spike needs to be followed by a sell-off, nor does every sell-off require a spike in this metric.While XRP climbed out of its descent to $0.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
XRP’s social activity spike will have this impact on its networkRipple’s social metrics activity increased tremendously and stood out among the top cryptocurrencies in the last 24 hours The on-chain status of the Ripple chain remained in a neutral state as traders reignited their interest in XRP in the futures market Ripple’s [XRP] social mentions and engagements soared as Lunar Crush reported that XRP’s engagement spiked […]
Read more »
Uniswap’s developments on social front could have this impact on UNI holdersUniswap [UNI] witnessed a spike in social mentions Its weighted sentiment metric also noted a surge However, its network growth and daily active addresses declined According to new data provided by LunarCrush, a social media analytics firm, the social mentions of Uniswap reached an all-time high, thanks to the increased interest in DEXes after the […]
Read more »
Dogecoin rallies due to this coincidence, but will DOGE get past the bearsDogecoin shows bullish signs in terms of AltRank Despite a high number of mentions and engagements, the sentiment around DOGE remained negative According to a 26 November tweet by LunarCrush, a social analytics firm, Dogecoin [DOGE]’s AltRank scores were showing bullish signs. The AltRank level, which is based on combining factors such as social volume, […]
Read more »
SHIB bounces from a faithful support level but the bulls could still be in troubleDisclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice An important resistance level throughout November was yet to be beaten On-chain metrics suggested that accumulation might not have commenced The World Economic Forum had invited Shiba Inu to participate in discussions around the metaverse […]
Read more »
Kingston, Ont. Christmas trees in high demand, shortage continues - Kingston | Globalnews.caKingston, Ont., Christmas tree sellers say this year's trees are looking good, but with high demand and a market shortage, buyers should pick one up sooner rather than later.
Read more »
Five things world markets will be watching in the week aheadThe final month of the year is almost here but there’s no time yet to slow down. Here’s a look at the week ahead in markets
Read more »