XRP: Short-term bears can gain more leverage only if…

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

At press time, Ripple [XRP] depreciated about 7% since Wednesday (8 March) and was on the verge of breaching another key Fib retracement level.

At the same time, Bitcoin [BTC] dropped below the $20K psychological level ahead of the U.S. Jobs Report on 10 March. 

Read Ripple [XRP] Price Prediction 2023-24

A strong jobs report could tip the Fed to adopt higher rates and increase selling pressure, while a weak report could lead to a potential dovish approach in March’s FOMC meeting. 

Source: XRP/USDT on TradingView

XRP has been toiling below the descending line (white) in the past few weeks. A false breakout above it happened on 8 March before facing price rejection at $0.4019.

Although a pullback retest on the descending line offered a recovery, it was stopped by the 78.6% Fib level ($0.3928) and set XRP for an extended correction. At the time of writing, the price oscillated between 23.6% and 38.2% Fib levels but was on the verge of breaching the lower boundary. 

XRP could retest $0.3591 if short-term bears clear the hurdle at $0.3650. Therefore, these levels could be shorting opportunities if the price close below the 23.6% Fib level ($0.3692).

Also, the price could bounce to 38.2% Fib level ($0.3754) and face rejection, offering another shorting opportunity with targets at $0.3692. 

However, a move above 38.2% Fib level ($0.3754) will invalidate the thesis. The upswing could set near-term bulls to target the 50% Fib level ($0.3805) and other upper resistances for gains. 

The RSI and OBV registered downticks, indicating the limited buying pressure which could offer