- The $0.4 – $0.42 represented a substantial zone for bulls to watch.
- Another range formation in the lower timeframe could be in the making.
XRP welcomed November with a promising outlook as it soared to $0.5 from $0.44. Nevertheless, (as the charts show) the price could not push beyond the value area of $0.47 – $0.54. That represented a bearish block from May 10 and rejected the buyers. Meanwhile, the previous week saw sentiment shifting to massively bearish.
The platform realized profit & loss remained in the negative region, whereas profitability navigated lows. Considering the marketplace’s bearish sentiment, can the remittance token shift its long-term outlook to bullish? Or can we expect swift reversals upon rallies to $0.42 because of the inefficiency amidst the recent fall?
Did the Dip from $0.42 Triggered Another Range?
XRP changed hands inside $0.55 – $0.42 from September 23 to November 8. Selling tendencies over the past week witnessed XRP plummet below the range low. The remittance token dropped further toward $0.33. Meanwhile, $0.32 – $0.33 has represented crucial support since September’s early sessions.
The last few days saw XRP on a violent rebound between $0.33 & $0.39 on its price chats. However, the altcoin didn’t enjoy substantial buying volume. Meanwhile, November witnessed heightened selling momentum that saw the OBV (on balance volume) plunging below support from September.
That confirmed sellers’ dominance, regardless of the sharp bounce to $0.39 from $0.33. Also, the daily timeframe market structure was bearish, and a 24hr session closing beyond $0.402 remained crucial to change the outlook to bullish.
Nevertheless, buyers will likely endure a stiff resistance at $0.396 – $0.42. Moreover, bulls have struggled to conquer this hurdle from May to mid-September.
While XRP stayed below this zone again, long-term buyers may wait for moves to the support before purchasing the token. Besides the market structure, the RSI (Relative Strength Index) remained bearish, though the index attempted to break above 45-50 during this publication.
Mean Coin Age Dropped in October & November Following September Accumulations
The Mean Coin Age index saw an uptick since August late sessions. Meanwhile, this surge lasted until October 28. That inferred an accumulation trend during this phase as XR coins didn’t move. Nevertheless, the narrative shifted in November.
The positive 90d MVRV also went negative during November sessions, signaling that three-month holders remained underwater. Market players may also watch increments in dormant circulation as it signals imminent massive selling momentum.