bulls burst into life on the 11th of March. They forced prices to appreciate by 22.37% from the day’s open at $0.608 to reach $0.744 before selling activity pushed prices below $0.7 again., where a move to $0.7 was anticipated. We got more than that, but it also raised questions about whether the demand would be sustainable.The $0.7 range highs were breached on the 11th, but the bulls were unable to defend this level as support.
The OBV was an encouraging sight as it broke above the highs from July and remained above. A sustained increase in the buying volume could keep the bears at bay, but it was unclear if this optimistic outlook would hold. Instead, now that the liquidity just above $0.7 was swept, a move southward to $0.64 or $0.52-$0.54 could commence. Prices are attracted to liquidity, and despite the strength in theAs XRP prices bounded higher, the Open Interest followed. It rose from $600 million to $830 million, and the spot CVD also ticked higher. Yet, the latter indicator continued its former downtrend.This was bad news for the bulls.
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