XRP has experienced a 9% decline in the past 24 hours, reflecting broader market weakness. The drop comes as traders react to muted responses following major crypto-related events, such as the White House Crypto Summit and the announcement of Donald Trump’s Strategic Bitcoin Reserve.
Key Market Indicators:
- Open Interest Down 3%: XRP futures traders are closing positions without reopening new ones, signaling weakened market participation and uncertainty.
XRP Open Interest. Source: Coinglass
- Negative Funding Rate: At -0.0040%, XRP’s funding rate has remained negative for two consecutive days, highlighting a higher demand for short positions and reinforcing bearish sentiment.
XRP Funding Rate. Source: Coinglass
- Balance of Power (BoP) at -0.38: This negative reading suggests sellers are in control, with buying pressure remaining low.
Potential Price Scenarios:
- Bearish Case: If selling pressure intensifies, XRP could fall below its $2.13 support, potentially dropping to $1.47.
- Bullish Case: A trend reversal and renewed buying activity could push XRP above $2.93, with a potential attempt to reclaim its all-time high of $3.40.
With market uncertainty increasing, traders are watching key levels to determine XRP’s next move.
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Source: XRP Bears Tighten Grip as Market Activity Declines
Author: Abiodun Oladokun
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