XRP Bulls Struggle to Flip Resistance: Will a Breakout Occur This Weekend?
• XRP recently experienced a 103% move upward, though the daily timeframe market structure is bearish.
• The $0.46 resistance level has been difficult for XRP bulls to break through, and the one-hour chart showed a bullish structure.
• The OBV indicates that there is still selling pressure on XRP, which could cause it to post losses in the coming days.
XRP Price Struggles at $0.466 Resistance
XRP bulls have struggled to flip the $0.46 resistance level into support over the past 48 hours. This was also a higher timeframe Fibonacci retracement level that might be difficult to break through in the near future. Although the one-hour chart showed a bullish structure after its recent 103% surge, more selling pressure from OBV signals may push XRP towards some losses in the upcoming days.
Bearish Market Structure Despite Bounce
Despite bouncing off from its $0.423 support, Ripple’s [XPR] daily timeframe market structure remained bearish and substantial volatility over weekend could be expected because of lower volume trading activity due to holidays and weekends. Moreover, tightened Bollinger Bands around price indicate an uncertain phase for XPR as it might expand towards either direction soon after Monday’s high and low values are determined by traders and investors alike.
Positive Funding Rates Show Longs Hold Majority
Positive funding rates indicated that long positions were held by majority of speculators while trading XRP on certain exchanges – however this doesn’t necessarily mean they are confident about their holdings or remain bullish about it despite favorable conditions such as bounce from previous support levels or even 103% rise over short time period seen recently in case of Ripple’s digital asset – XRP has performed well overall under current macroeconomic conditions but yet faces many obstacles due to market corrections or technical issues like mentioned before flipping $0.46 resistance into support which seems impossible at least for short term horizon without any major breaking news or catalyst driving price action upwards significantly when considering risk/reward ratio associated with such kind of investment decision making process usually followed by professional investors with vast experience in crypto space so far .
Wait For Monday Before Placing Trading Plans?
Risk averse traders willing to make sure their investments stay safe during these times can wait until Monday before laying out their plans for upcoming week as per initial analysis provided herein based on technical indicators like RSI & OBV used widely globally among financial markets participants included cryptocurrency ecosystem as well – It might help them gain better insights into what will be best strategy while taking into account current market conditions prevailing at given moment .
It remains unclear whether Ripple [XPR] will breakout over weekends or not but overall positive sentiment around project indicated by investors despite few hiccups along way give hope signifying that cryptocurrency industry will continue grow exponentially even if not all coins reach mainstream adoption rate bit by bit due sheer number options available now compared few years ago coupled with increasing number use cases identified already .