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Alarm Bells Are Ringing in Ripple (XRP)!

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The two-month range increased from $0.47 to $0.56. The mid-range level of $0.514 served as support earlier this week, but Friday's decline in Bitcoin (BTC) also dragged XRP lower. This resulted in a downward reversal of the lower time frame structure.

OBV has been on a downward trend since April. It attempted to recover in May but has fallen lower over the last ten days. This data revealed that even though XRP was above the middle level of the short-term range, buying pressure remained weak.

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Ripple management short sold 0.25% of its cryptocurrencies last week. Of course, it is not bad news, but the market perceives such news negatively. It will take a very long time for Ripple to reverse its direction.

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