There was little on-chain selling of $XRP .
On the one-day chart, #Cardano showed signs of negative momentum, which might lead to a decline in price.
Based on indicators like development activity and active wallets, Cardano [ADA] has an optimistic on-chain outlook. Accumulation of Ripple [XRP] was also seen throughout the network. $ADA
However, mood in the cryptocurrency market has been somewhat subdued during the last two weeks. The decline in Bitcoin's [BTC] value dampened the enthusiasm of the bulls. Am I supposed to buy stocks on the cheap?
In the early part of March, there was a temporary reversal of the 4-hour bearish order block, which turned into support. The bulls lost their grip, which was unfortunate for them.
The current Cardano market structure is positive on the
But the relative strength index (RSI) was below neutral 50, indicating that negative momentum was gathering. The OBV was looking to the highs of December for support once again.
If it could maintain its current level, it would indicate a positive tilt in the long run.
We expect a move to occur between $0.586 and $0.523, which are the 61.8%-78.6% retracement levels. Liquidity has accumulated under the $0.567 level, which has provided support for the last month.
The $0.57-$0.574 range was clearly not a major focus, according to the liquidation heatmap. There were more liquidation levels in the $0.52-$0.54 range.
Therefore, it was more probable that this support zone will be reached if Cardano prices continue to fall.
Further losses were possible, but a rebound was probable subsequently, according on the combination of price action and the liquidation heatmap.
Ever since August 2023, XRP has been trading in a narrow range. Price points varied from $0.46 to $0.7. During the last three weeks, the price has attempted to break through the $0.58 support level.
The $0.54 level was indicated as a potential move by the Fibonacci levels.
It would be a great time to purchase during such a retracement. The $0.527-$0.552 range served as a demand zone for XRP prices during the February rise, suggesting a potential retest might occur there.
The OBV had a hard time breaking through the July 2023 highs. The eight-month range that #XRP has been trapped in was well-supported by this.
In addition, the RSI indicated that momentum was neutral throughout the previous week.
As of the time of writing, XRP's Weighted Sentiment was somewhat negative. Over the last thirty days, it has only been consistently positive for one day at a time.
Along with the price, the Open Interest on XRP futures has been trending down over the last 10 days, suggesting that bullish confidence has decreased significantly.
Regardless, there has been little activity in the age-consumed metric, which means that significant moves in XRP tokens have not occurred lately.
