CDS Crypto News 5% Dip in Ripple Price: Are Bulls Ready to Take Charge Again?
Crypto News

5% Dip in Ripple Price: Are Bulls Ready to Take Charge Again?

As the market remained under the sway of bears, XRP witnessed a descent from $0.66 to $0.63.

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5% Dip in Ripple Price Are Bulls Ready to Take Charge Again

Crypto News- In the midst of this downturn, the XRP/USD 4-hour chart suggests a potential retest of the $0.65 level, yet a robust uptrend hinges on the ability of buying strength to overpower prevailing selling pressure. The Relative Strength Index (RSI) at 38.51 on November 13 indicates seller dominance, stemming from a drop from 53.42. Paradoxically, this dip in RSI might present an enticing buying opportunity for discerning traders.

5% Dip in Ripple Price: Are Bulls Ready to Take Charge Again?

5% Dip in Ripple Price Are Bulls Ready to Take Charge Again
5% Dip in Ripple Price: Are Bulls Ready to Take Charge Again? 1

Should an influx of XRP accumulation materialize at $0.62, a leap beyond $0.65 becomes plausible in the short term. However, the ascent to $0.70 necessitates overcoming the resistance at $0.67, presenting a crucial hurdle for bullish endeavors.

A nuanced analysis of the On Balance Volume (OBV) reveals a flatline since November 14, but current signals hint at an impending northward movement. A positive OBV trajectory may presage an upward price trajectory for XRP.

On the flip side, a minor retracement could precede a significant upswing, as indicated by the Exponential Moving Average (EMA). The crossover of the 50 EMA (yellow) above the 20 EMA (blue) signals waning strength in the short-term moving average trend, potentially leaving XRP’s price vulnerable.

There’s a prospect of a dip to $0.60 if the aforementioned EMA crossover is accompanied by heightened trading volume amid a price decline. Increased volumes during a downtrend could signify further weakening. Conversely, if trading volume recedes, as observed in the last 24 hours, $0.62 emerges as an attractive entry point for mid-term gains.

5% Dip in Ripple Price: Are Bulls Ready to Take Charge Again?
Sources:coinedition

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