Ripple [XRP] falls to psychological support level: Can bulls step up soon

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Ripple [XRP] has been powerfully bullish in March as speculators seemed to bet on a positive outcome in the SEC verdict. The XRP Ledger [XRPL] continued to see good performance as it averaged over 1.4 million transactions a day since 19 March.

Read Ripple’s [XRP] Price Prediction 2023-24

The announcement of sidechain support for XRPL was positive for users, but on the charts, the token was in the grip of a correction after its recent gains. The $0.5 and $0.45 levels are likely critically important in April for bulls to defend. Bitcoin’s [BTC] breakout past $29k, if it occurred, would also likely send euphoria rippling across the crypto market.

Source: XRP/USDT on TradingView

After the strong rally last week, XRP has fallen by 13.3% and counting, measured from the swing high at $0.585. The breakout was enormously significant, and on the higher timeframe charts, the bulls remain dominant.

The pullback did not have strong selling volume, and the structure also remained bullish. The lack of volume was captured on the OBV, which barely declined in the past few days. It saw large gains in March to highlight heavy demand.

The RSI was dropping toward neutral 50 and could sink below it as well. If it does, it would likely indicate an XRP move toward $0.45. A set of Fibonacci retracement levels (cyan) were drawn for the breakout move and showed the 61.8% and 78.6% retracement levels to lie at $0.45 and $0.48.

Hence, XRP buyers can watch out for a retest of this golden pocket. Meanwhile, lower timeframe bears can look for entries, but they must be extra cautious as they will be trading