- The 12-hour chart exhibited bearishness, though the selling momentum was tapering.
- XRP witnessed a brief decline in development activity and weighted sentiment.
Ripple saw a revival after Bitcoin reclaimed the $17K mark amid the latest crypto market crash. The remittance token showed increased sensitivity toward BTC. While publishing this content, Bitcoin showed weakness beyond the $17K mark, welcoming slides toward the $16K vicinity.
XRP reacted to such moves with a more than 4% decline in the past 24 hours. While writing these lines, XP changed hands at $0.3663. Meanwhile, tracking Bitcoin can reveal XRP’s potential price direction.
Further BTC plunges would translate to a continued bloodbath in XRP, with a cease-fire near the $0.3213 mark. Nevertheless, Ripple bulls might crash this mark without challenges if Bitcoin pushes upside.
Can Bulls Dominate as XRP Formed Bearish Flag Setup
Mid-August sessions saw XP breaking out from its months-long consolidation that began in June. Meanwhile, a price move that could not print higher highs while stuck within similar lows formed a plunging triangle setup.
Though market players would anticipate bearish breakouts from a declining triangle, an upside breakout matched Bitcoin’s push to $21K from $20K on November 4. Thus, the bearish flag setup might not translate to bearishness continuation (if Bitcoin pushes upside).
The Directional Movement Index had the –DI at 29. It swayed beyond 25, indicating seller favoritism on the long-term charts. Moreover, the MFI (Money Flow Index) reinforced the above narrative with a decline into the oversold region. That confirmed token distribution by sellers.
If sellers maintain their dominance, they should consider $0.3213 as a potential rebound and reasonable resting level. This value area has represented a crucial support market throughout September.
Nevertheless, seller exhaustion amid BTC’s upside move might see XRP bulls smashing the resistance at $0.3941, making it an aim for long trades. Santiment reinforced this idea, indicating declined volumes as Ripple price fell, and that could mean easing sell pressure.
Declines Weighted Sentiment & Development Activity
Santiment also revealed that the remittance token has seen optimistic weighted sentiment and development activity surges toward October-end. Nevertheless, the latest market crash erased the gains, with the metrics recording declines during this publication.
Ripple mimics the leading crypto. Bitcoin overcoming the resistances at $17L and $17.43K might see XRP posting gains. Nevertheless, bearish reactions by BTC would see XRP falling further.