Ripple’s XRP found support around the $0.5 level, a crucial zone for traders. It remains below the midpoint at $0.585, indicating a bearish sentiment for XRP in the higher timeframes.
The market heatmap suggests a potential bounce towards $0.57. The question remains whether buyers are gaining confidence or waiting for the outcome of the U.S. elections before taking action.
The $0.502 support holds firm against bearish pressure
XRP buyers have successfully defended the $0.5022 support for the past few weeks despite facing downward momentum and selling pressure. While the overall market structure appears bearish on a daily and weekly basis, a drop to the $0.44 level seems unlikely at the moment, unless a major correction in Bitcoin occurs.
The CMF indicator shows a slight outflow of capital, while the RSI has been signaling bearish momentum for five consecutive weeks.
Liquidation levels hint at a potential price rebound
The key levels to watch for XRP’s next move are $0.502 and $0.63. The former has been successfully defended, with the liquidity heatmap suggesting a bounce towards higher targets.
Short-term bullish targets at $0.54 and $0.57 are likely to be tested soon, indicating a possible price surge from the current $0.5 level.
The recent bounce could signal exhaustion among sellers, but the strength of buyers to drive XRP towards $0.57 remains uncertain at this point.
Disclaimer: The views expressed in this article are solely the author’s opinion and should not be considered financial advice.