XRP continued to trade within a 7-month range, and has gained just 27% since February compared to Bitcoin's 64%.
has a bullish market structure on the 12-hour chart once more. But despite the bullish sentiment across the crypto market, XRP was unable to break past the 7-month range it has labored within.The move above the $0.624 level occurred on the 2nd of March and showed a bullish market structure. Since then, XRP hasXRP has traded within a range , with the $0.45-$0.48 being a higher timeframe demand zone and the $0.7-$0.74 being a resistance zone.
Although the RSI was at 55 to show weak bullish momentum, the structure indicated that further gains are expected. Yet, the OBV has not broken above its 2024 resistance level. This was due to a recent lack of high buying volume even though the indicator trended higher.Prices are attracted to the areas where the greatest amount of liquidity lies. At press time, the $0.69 level was estimated to have $5.2B in liquidation levels.
Hence, it is likely that XRP will make it to the $0.7 resistance in the coming days. However, after sweeping this liquidity, the prices would likely fall toward the $0.5 zone in search of liquidity thereafter.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
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