XRP has been in a sideways phase since July 2023. Let's take a look at the future outlook for XRP.
XRP price situation
After peaking at $0.47 to $0.93, XRP unfortunately experienced bearish pressure that erased this recent rally. In fact, the cryptocurrency behind Ripple has returned to support levels and sparked interest from new buyers. Unfortunately, we were not able to surpass the previous peak. XRP was capped at a new high of $0.73. Since then, XRP seems stuck in a range between this last resistance level and $0.47.
At the time of this writing, one XRP token is trading at $0.52. Therefore, it sits at the lower end of the range, indicating significant buyer interest. Although the medium- to long-term structure of XRP remains bullish, it is worth noting that XRP price is currently below the 50-day moving average and the 200-day moving average. This naturally calls into question the continuation of this trend. While the cryptocurrency is gaining momentum, the oscillator is showing a rebound, indicating a noticeable impact from buyers.
The current technical analysis was carried out in collaboration with Elie FT, an avid investor and trader in the crypto market.Today is a trainer family tradingis a community of thousands of active self-traders since 2017. There you will find live, educational content and financial market support in a professional and friendly atmosphere.
Focus on derivatives (XRPUSDT)
Since mid-April, the open interest in the XRP/USDT contract has slightly tracked the XRP price. This indicates slight buyer interest from speculators. But while this may seem positive, it reflects a period of indecision among investors. Regarding liquidations, most of them are from the buy side, but they are not insignificant. Regarding funding rates, they fluctuate between positive and negative, indicating that interest in these contracts is stable and well aligned with the underlying assets.
A 3-month XRP/USDT liquidation heatmap shows XRP approaching a key liquidation zone around $0.51. For now, interest appears to be bought and we expect the XRP movement to continue. In addition to this, the closest liquidation zone to the current XRP price is below it, around $0.48 to be exact. The next zone is above that price, starting at $0.63. If the price approaches this level, it could trigger a large wave of orders, which could increase the risk of PEPE during periods of increased volatility. Therefore, this zone is a key point of interest for investors.
Hypothesis regarding XRP price
- As long as the XRP price remains above $0.47, we can expect a return to $0.62. If the uptrend continues, the next resistance level to consider would be $0.74. At this level, it corresponds to an increase of more than + 40%.
- If the XRP price fails to sustain above $0.47, a return of around $0.40 is possible. If the downtrend continues, the next support to consider would be $0.36. At this level, it equates to a drop of nearly -30%.
conclusion
Despite the renewed interest, XRP remains in a phase of uncertainty, fluctuating below key levels without confirming a sustained bullish trend. We need to be careful about the future of virtual currencies. Therefore, it will be important to closely observe price reactions at various key levels in order to confirm or invalidate current assumptions. In each scenario, it is also important to remain vigilant against potential “fakeouts” or “market squeezes.” Finally, please keep in mind that these analyzes are based solely on technical criteria and that crypto prices can fluctuate rapidly due to other more fundamental factors as well.
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In 2017, Family Trading helped active traders raise capital, continued trading with financial institutions, ensured the safety of CryptoMone, and supported Erie FT, the passion of investors and traders. Marche Cryptocurrency trading.
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