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XRP’s latest rally attempts stagnate just below the major volume-weighted average price (VWAP) levels, dating back to the history of assets, according to a market update published on X earlier today by independent trader Dom (@traderview2).
XRP sales pressure is to keep prices rising
12-hour Binance Chart Share Analysts show that XRP/USDT is changing hands at $2.4375 on a 12:18 UTC-4.As vwap” – Long-term metrics drawn from the peak in April 2021. That average green band is currently drifting downward for around $2.47, holding back all daytime progress since mid-May.
Under price action, the seller’s footprints are unmistakable. “There’s an overload of market sales and passive buyers have so far tried their best to hold it,” Dom wrote last week, citing his own order flow statistics, recording a net leak of 240 million XRP. Approximately 180 million of these units are said to have been abandoned by Coinbase Korean exchange upbitBinance was actually neatly flat, but I’ll add the post.
Related readings
The same chart plots two short-term fixed VWAPs that became the final line of short-term support for the coin. The rolling VWAP for a month is $2.31, and is currently 5.22% below the session height (orange), while the three-month VWAP is 2.28 and 6.40% (CYAN).
XRP “hangs in threads on monthly and quarterly VWAPs,” warns Dom. The critical violation of these bands, around $2.31-$2.33, “actually reduces midrange noise at all until $2.20 is lost,” he adds, pointing to the December-February midpoint depicted in the volume profile on the left.
Related readings
Bitcoin is really Just bounce backIn the broad integration zone, the correlation offers little relief to the XRP Bulls. All minor rises in BTC have been met by XRP’s fresh spot offers, emphasizing that “it’s very difficult to see the upward movement when we see sales pressure in this type of market.”
For now, the technical chess board is clear. Reclaims As Vwap and opens towards a late March swing that exceeds $3.00 in the second half of March. Losing $2.20, the door swings in the opposite direction, heading towards the confluence of a large number of nodes below $2.00. Until one of these barriers gives, analysts conclude that XRP “lost that PEP in that step”, and remain caught up in a tug of war between the relentless spot seller and the thin layer of passive bids.
At the time of press, the XRP traded for $2.36.
Featured images created with dall.e, charts on tradingview.com
