At press time, BTC’s value was $27.50k, and it could block XRP from clearing the key obstacle at $0.4491. As such, XRP’s price action in the next week will be largely determined by new developments on the SEC lawsuit and BTC’s price movements.The $0.4118 support level checked XRP’s retracement. But the recovery was blocked at $0.4491, setting it to a correction. However, bulls have defended the 20 EMA of $0.4134, prompting another short-term rally. Therefore, bulls must clear the $0.
A close above $0.4491 could tip bulls to push XRP to the bearish order block of $0.4746. A retest of the $0.5 level could be likely if bulls could clear the bearish order block. Alternatively, near-term bears could gain market entry if XPR closes below $0.4491. They will likely sink XRP to retest the 20 EMA or the $0.4118 support. Any drop below $0.4118 could attract increased selling pressure, pushing XRP to 200 EMA or $0.3982.
The Relative Strength Index bounced sharply from the 50-mark, showing increased buying pressure. Similarly, the Accumulation/Distribution indicator exhibited an uptick, showing the asset was undergoing a short-term accumulation phase. Collectively, these trends show’ bulls’ leverage in the market at press time.According to Santiment, XRP’s exchange flow balance was positive . This was evidence that more XRPs moved in than out of CEXs.
Nevertheless, considerable whale movements have transacted over $1 million in the past few hours, which could give bulls some hope. However, investors should also track BTC’s price action before making moves.Subscribe to get it daily in your inbox.
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