- The XRP market outlook was once again uncertain for several days after being rejected at $0.64.
- Price action and indicators suggest a buying opportunity targeting a 12% upside.
Ripple (XRP) saw a big price reset last week. The token threatened to break through the local resistance zone at $0.625 and the bulls achieved this on Sunday, September 29th. Since then, XRP has fallen 21% on the price chart.
The Bitwise XRP exchange-traded product (ETP) application sparked social media engagement. However, the increase in whale trading began as Bitcoin (BTC) showed rejection at $66.5,000 resistance.
Can the bulls successfully defend the $0.50 support zone amid depressed market sentiment? Especially if BTC can stop the losses.
XRP Price Prediction Shows Cruel Rejection for Bulls
Source: XRP/USDT on TradingView
The nearly 20% decline ended in just four days. This continued the trend of bearish first weeks of each month for the cryptocurrency since July. The second week of June saw the trend turn bearish for the next two weeks.
XRP bulls will be hoping that they can salvage this situation. Swing traders in particular will be on the lookout for buying opportunities. OBV and price are at support level. BTC halted its decline in the $60,000 region.
The Awesome Oscillator is at 0, showing that the upward momentum of the last week of September has been nullified. The bulls will be hoping for a significant amount of buying while the price rebounds.
The breakout attempt led to a surge in XRP sales.
Source: Santiment
Average currency age showed an upward trend in September, indicating accumulation. Over the past few days, this indicator has seen a disastrous plunge signaling extreme selling pressure. The 30-day MVRV also dropped to almost -10%.
Read Ripple (XRP) Price Prediction for 2024-25
This shows that short-term holders lost an average of -10%. This means most buyers have entered the $0.57-$0.58 area.
Another clue for us is that the $0.585 level, which is also an intermediate level in the long term, could become a huge obstacle on the way up.
Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.