- Ripple [XRP] traded within a range and the bulls forced a bounce from the mid-range mark at $0.37.
- The VPVR tool showed the Point of Control (red) to lie at $0.387, with stiff resistance ahead for XRP at $0.395.
- Stalled Open Interest suggested sentiment remained bearish, with nearly $2.3 million worth of long positions liquidated on 13 February.
This article provides an analysis of Ripple’s [XRP] price action. It looks at the key levels that may prove to be resistances and considers evidence from volume profile and open interest data to assess market sentiment.
Bounce From Mid-Range Mark
Ripple [XRP] traded within a range and the bulls forced a bounce from the mid-range mark at $0.37. While this bounce inspired lower timeframe bullish momentum, the evidence at hand showed that $0.395 could pose stiff resistance to the price. Hence, XRP buyers from the $0.37 area can use a test of the $0.38-$0.39 area to take profits. Thereafter, a breakout upward or a rejection will reveal the direction of the next move.
VPVR Tool Analysis
The VPVR tool showed the Point of Control (red) to lie at $0.387 as well as horizontal long-term significance level above it at $0.395, suggesting that stiff resistance lies ahead for XRP’s price action in this zone and any buy orders placed around $ 0 .37 could be sold around this area if needed..
Sentiment Remains Bearish
Stalled Open Interest indicated sentiment remained bearish with liquidation data showing nearly 2 .3 million worth of long positions being liquidated on 13 February following Ripple unable to break out past its range highs in February which saw its price drop to mid-range mark ($ 0 .37).