- XRP printed a lower range between $0.44 and $0.48 and seemed primed for another upside.
- Traders can use the range formation to place their orders.
- Ripple has the momentum to rally to $0.5 despite the latest losses.
Bitcoin (BTC) bounced after retesting the $27,800 value area as support. Nonetheless, the volatility that surfaced over the last day means bears and bulls should be alert. While Ripple maintained a bearish outlook on its lower timeframe, the narrative might change soon.
The remittance token printed a lower time frame range, stretching between $0.44 and $0.48. While writing these lines, XRP bulls fought to conquer the resistance at $0.46 but were yet to succeed following 12 hours of attempts.
XRP’s Potential Breakout
The massive price drop on April 26 had XRP’s 4 hour market structure turning bearish. Since then, the alt has witnessed buyers triggering a rebound to $0.458 from $0.433 during this publication. Nonetheless, the Relative Strength Index stayed below the neutral (50) region.
The value area at $0.45 has presented support within the last seven days, and retesting it might unveil a buying opportunity. Bulls should prevent dips beneath the $0.44 range lows to keep upside narratives alive.
Ripple buyers might aim for the $0.48 range highs to book profits, though there were changes of bullish breakouts. Market analysts used the move below the former range to place FIB retracement levels, which showed 61.8% and 78.6% at $0.5 and $0.518. Further, April 19 dip from $0.539 welcomed an FVG (fair value gap) around the $0.5 price zone.
Thus, a move beyond $0.48 would push this region to fill the existing imbalance. Meanwhile, a rejection might follow to drop Ripple to $0.44.
Increased Demand Support Chances of Near-Term Rally
Source – Coinalyze
According to Coinalyze’s 1 hour chart, spot CVD saw a massive upsurge since April 25, though it dipped within the last day, showing bullish exhaustion. Generally, XRP has maintained an upside trend in the past 72 hours, confirming that stable buying momentum might push the alt higher again. Continued CVD upticks in the upcoming days might encourage sellers while disheartening buyers.
Meanwhile, XRP enthusiasts should watch BTC’s actions for informed trading decisions. Bitcoin remained elevated during this time, gaining 2.24% over the past day to $29,464. Maintaining this optimism will see XRP bulls traversing higher targets hassle-free.
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