XRP witnesses large volatility but likely to slide inexorably lower

ambcrypto.com:

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

The markets were dominated by sellers and fear was rising across the crypto sphere after the collapse of Silicon Valley Bank. But, there were signs of an accumulation from the Bitcoin whales- could this see a reversal materialize later this month?

It was unclear at press time. XRP exhibited a firm bearish bias, which can only be shifted if the asset can climb above $0.41 on the price charts.

Read XRP’s Price Prediction 2023-24

Liquidation data from Coinglass revealed that the 24 hours preceding the time of writing saw $612k worth of positions liquidated, with a majority of them being long positions. The lowered volume of the weekend meant this figure could climb much higher on Monday.

Source: XRP/USDT on TradingView

Since November, XRP has traded within a range (yellow) that extended from $0.33 to $0.415. The mid-range mark sat at $0.374 and has acted as solid support and resistance since November. In the past few days, XRP saw a lot of volatility around this mark.

The sentiment has been firmly bearish in the market since late February on higher timeframes such as daily. For XRP, the situation has looked bearish since 9 February, when the market structure broke beneath a recent higher low.

The 21 and 55-period moving averages also showed downward momentum as they formed a bearish crossover a few days ago.

For close to a month now, XRP has traded within the $0.363 and $0.404 levels, and at the time of writing, it looked likely to head lower toward the $0.33 mark.

However, short sellers must be cautious. Volatility was likely, and traders can wait for Monday’s high and low before