, 2022-12-21 18:30:31,
- XRP was in a mildly weak market structure.
- Bears could push the price to $0.3327 or lower.
- Continued accumulation by whales could negate the bearish forecast.
Ripple (XRP) has been on a downtrend since the start of December 2022. With its lawsuit with SEC on a homestretch, recent rumors of the possible settlement pushed XRP’s price downwards.
Read Ripple’s [XRP] Price Prediction 2023-24
At press time, XRP was trading at $0.3435 as bulls and bears faced off for leverage. If bears take control, XRP could break below its current parallel channel pattern.
Will XRP break from the parallel channel?
Since November’s market crash, XRP formed a parallel channel pattern. At the time of publication, XRP’s price movement was close to the channel’s lower boundary. But was a breach of the boundary ($0.3327) possible?
The Relative Strength Index (RSI) had a slight uptick, followed by a downtick in the lower range. It was at 35, way below the 50-neutral mark. This showed a recent uptick in buying pressure, but intense selling pressure blocked the uptrend.
Put differently, sellers still have leverage in the market. As such, bears could push the price down to $0.3327 or $0.3210, which can act as short-selling targets.
However, a massive accumulation was underway as XRP’s discounted prices attracted demand. Notably, the Money Flow Index (MFI) sharply increased, showing buyers had accumulated XRP. If the accumulation…
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