The price of XRP recently saw a sharp decline that was quite scary for many traders, and some in the cryptocurrency market believe that the chart looks weak now. but, Analyst in XCryptoinsightuk disagrees. The analyst explains that XRP is not bearish at the moment, and even after a 50% flash crash, the price could still move higher. When liquidity returns.
Low bearish liquidity and the weekly chart still look good for XRP price
Cryptoinsightuk says that XRP “has no negative liquidity.” The analyst explains that sellers are not strong, so there is very little liquidity below the current price level. This does not mean Ripple price It will remain steady, although it may move up and down at the moment. At some point, exchanges and market makers may push the price higher into deeper liquidity, where they can make money.
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The analyst says that the sudden collapse does not hurt the weekly chart. The weekly picture still shows a normal trend even after the sharp decline. He points out that online discussions focus on the monthly chart and use it to claim that XRP is weak, but the monthly chart alone represents only one time frame and It is not enough to say that the price is really bearish. The slight decline only shows weakness on lower time frames, not in the broader market structure, and Cryptoinsightuk believes the larger structure is still pointing upward, which is the main reason why we don’t see a downtrend forming even after the 50% sudden crash.
The analyst’s comment about market makers also gives hope to traders who are concerned about this The price of XRP will continue to decline. When market makers see better opportunities at higher price levels, the price often moves to where they want to make profits. It gives XRP a path to recover later, rather than staying low. He continues to point to the weekly chart as it shows that XRP is still holding up Biggest bullish setup Even after the fear caused by the flash crash.
The higher time frames look strong, and the RSI is indicating a move higher
Cryptoinsightuk also adds that higher time frames are always more reliable for reading price trends and recommends looking at the XRP price chart over the past three months. From his perspective, the three-month chart looks good Supports the strong long-term trend.
Also seen is the daily Relative Strength Index, which recently reached the oversold territory. When this last happened, the price of XRP subsequently saw a strong rally. The analyst shared a fractal a few weeks ago showing what a new “measured movement” could look like if this were the case The same pattern is repeated.
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The fractal indicates that the price of XRP may rise again from here. An RSI signal in the oversold zone indicates that buyers may return Push the price up in the future.
Featured image created with Dall.E, chart from Tradingview.com
The post Here’s Why The XRP Price Still Isn’t Bearish Despite The 50% Flash Crash first appeared on Investorempires.com.
