- The long frame (12 hours) chart is showing bearish momentum, but selling pressure has eased
- Slight decrease in weighted emotions and development activity
ripple [XRP] Experienced after recovery Bitcoin [BTC] He recovered $17,000 during the last crash. XRP has shown a high sensitivity to the coin of the king. At press time, BTC lost its grip above $17K and crept into the $16K region, with XRP responding with a drop of more than 4% in the past 24 hours.
Read XRP 2023-2024 Price Predictions
At the time of writing, XRP is trading at $0.3663, and a trace of BTC could indicate a possible price direction for it. Should BTC drop further, XRP will continue to witness a bloodbath with a possible truce at $0.3213. However, if BTC pushes higher, the XRP bulls can definitely break that level.
XRP drape a bearish flag pattern; Can the bulls regain control?
In mid-August, XRP exited the months-long price consolidation that began in June. A price correction that failed to make higher highs stuck at the same lows, resulting in a descending triangle curvature.
While we expect a bearish breakout from the descending triangle, the bullish breakout coincided with the push of BTC from $20K to $21K on November 4. Therefore, a curved bearish flag chart may not necessarily lead to a continuation of the downtrend if BTC rises.
According to the Directional Movement Index (DMI), the Negative Directional Indicator (-DI), in red, settled at 29. It was above 25, which indicates that the market prefers sellers on the long frame chart. Moreover, the sentiment above was also reinforced by the sliding money flow index (MFI) towards the oversold territory. This means that sellers have facilitated distribution.
If sellers retain control, they should look to $0.3213 for possible relief and a reasonable recovery. The $0.3213 level has been a major support level throughout the month of September.
However, if seller exhaustion is seen creeping in and BTC sees an upward move, the bulls could crush the $0.3941 resistance level. This will make him a target for buy deals. This thesis was reinforced by feelings The data shows a decrease in volume as the price of XRP decreases, which could mean an easing of selling pressure.
Decreased developmental activity and weighted emotions
Additional analysis of Santiment’s data shows that XRP has seen positive weighted sentiment and an uptick in development activity through the end of October. However, the recent market crash has eroded the gains as both are posting declines at the time of writing.
Ripple (XRP) Celebrates King Coin. If BTC breaks down the $17K and $17.42K resistance levels, XRP could make gains. However, any bearish sentiment on Bitcoin will lead to a further decline in XRP.