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Ripple (XRP), the interest of buyers decreased in the last two weeks as the price started to decline. Bulls were rejected from the $0.54 resistance zone. Additionally, Ripple took the place of Circle (USDC) as the fifth member of the Hong Kong Digital Asset Consortium (HKVAC). However, the report also revealed that USDC has a much higher network growth than XRP. Which side is ahead in the battle between bears and bulls in the cryptocurrency market?
Ripple’s On-Chain Data
Ripple’s technical analysis report dated October 12 highlighted the downward trend of XRP in the 1-day chart. It also emphasized that $0.46 is a critical support level. So, how do the lower time frame charts look?
The movement above $0.489, which is the lowest peak of recent times, caused XRP to enter an upward market structure. The Relative Strength Index (RSI) also rose above the neutral 50. DMI saw both ADX and +DI rise above 20.
Furthermore, the metrics reflected a strong bullish sentiment only 30 hours before the article was written. However, things started to change. OBV was in a downward trend throughout October, and the absence of buying pressure caused prices to fall to the $0.489 level.
RSI, which reached 65 on Monday, was at 47 and may indicate that the downward momentum is starting to take control. The next low level that XRP bulls need to defend in the short term could be $0.4835. A move below this level could once again put the market structure in a downward trend and cause XRP to fall to $0.46 or lower.
XRP Price Prediction
Since October 9, Spot CVD has been rising above the $0.47 level. However, OBV is in a steady downward trend, but volume indicators are not conflicting with each other. OBV also recorded a small increase since October 9, but its trend has turned downward in recent weeks. The rising trend of Spot CVD could be an encouraging factor for short-term bulls.
Open positions have also increased in the last two days, along with the price. This indicates a bullish trend in the market. Therefore, it can be seen as likely for XRP to climb back to $0.5 in the current situation. It is uncertain whether bulls will break this signal, but the ongoing upward trend in CVD can strengthen the bullish trend.
