Through a recent market rally, buyers have been able to regain their 50-day moving average for the second time. In addition, the price hit a high of over $ 0.28, but couldn’t even touch the final high of $ 0.39. The bear seems to be fighting back.
After breaking the baseline, the CMF 30D is approaching the down line (red), preventing further growth since April 2021. Chaikin Money Flow (CMF) is a volume-weighted average of cumulative and distributed over a specified time period. Every time this indicator hits the red resistance, XRP seems to be experiencing a deep fix (blue).
There are two scenarios.
1 – The Bulls are pushing prices above $ 0.4. As you reach higher levels, this indicator also approaches the down line. In this case, according to historical data, the price may drop.
2 – Bears dominate the market and the CMF turns towards the baseline – then the market may be put up for sale again by forming a bottom below $ 0.28.
Main support levels: $ 0.28 & $ 0.24
Major resistance levels: $ 0.40 & $ 0.51
MA20: $ 0.33
MA50: $ 0.36
MA100: $ 0.49
MA200: $ 0.63
XRP / BTC chart
For Bitcoin, XRP is moving down inside the descending wedge (yellow). In June, bulls pushed prices towards the 1700-1800 SAT resistance zone with strong bullish feet. Buyers seem determined to maintain a price above horizontal support at 1500 SAT. However, when this level is down, reaching the bottom of the wedge is still out of sight (about 1100 SAT).
Main support levels: 1500 soil. & 1250SAT.
Major resistance levels: 1700 SAT. & 1800SAT.
Circular (30DMA) and whale transactions (> USD 1 million)
Throughout recent market rallies, the number of tokens traded daily on the network (yellow) has not increased significantly. As you can see from the graph, if both the number of circular tokens and the number of transactions of whale + $ 1M (red) increase at the same time, it is likely that the XRP will decrease significantly accordingly. Conversely, if these indicators decline together, the structure of the network indicates a bearish market.
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Cryptocurrency chart by TradingView.