Ripple [XRP] market weakens, but short traders can benefit at these levels 

Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.

• XRP weakened as BTC struggled to keep up its worth at $21K.
• Uptrend momentum may very well be restricted as lively addresses and sentiment declined.

The Ripple [XRP] market weakened after Bitcoin [BTC] dropped under the $21k mark. At press time, BTC’s worth was $20,973, whereas XRP’s worth was $0.3882. 

Learn Ripple’s [XRP] Worth Prediction 2023-24

XRP bears may push XRP decrease if the BTC did not transcend $21k, providing short-selling alternatives at these ranges. 

Which assist will maintain?

Supply: XRP/USDT on TradingView

On the four-hour chart, the Relative Energy Index (RSI) retreated from the decrease vary however was compelled to maneuver towards the impartial line. At press time, the RSI worth was 51, displaying that the market was nearly impartial after shopping for stress declined as bears gained extra leverage. 

The On-Steadiness Quantity (OBV) additionally dipped barely, suggesting a restricted uptrend momentum within the brief time period. As such, XRP may drop decrease and settle at $0.3780 if it breached the $0.3867 and $0.3829 helps. These ranges may function short-selling targets for brief merchants. 

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Nonetheless, a breach above $0.3938 would invalidate the bearish prediction. Such an upswing would set XRP to focus on the bearish order block at $0.4053, particularly if BTC reclaimed its $21k zone. 

XRP’s lively addresses and OI declined

Supply: Coinglass

In line with Coinglass, XRP’s Open Curiosity (OI) dropped. The worth decline displaying downtrend momentum was too robust, as extra money flowed out of XRP’s futures market. Due to this fact, XRP may very well be bearish within the subsequent few hours earlier than recovering. 

As well as, Santiment’s information confirmed that lively addresses dropped previously 24 hours, indicating that fewer accounts had been buying and selling XRP. This resulted in a restricted uptrend momentum. Put otherwise; it gave bears extra leverage within the present market construction.

Supply: Santiment

XRP’s growth exercise additionally fell sharply alongside diminished buyers’ confidence, as evidenced by the damaging weighted sentiment. Due to this fact, these metrics prompt a bearish outlook for the asset within the subsequent few days. 

Nonetheless, buyers ought to look ahead to BTC actions and RSI patterns. RSI rejection on the mid-range would sign a slowing downtrend momentum and is value monitoring to attenuate dangers for bears. Equally, if BTC went past $21k, XRP bulls may very well be tipped to beat the $0.3938 hurdle.