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XRP teeters on a knife’s edge around $2.31, clinging precariously to the $2.20-$2.25 lifeline. Spot market exodus intensifies, painting a grim picture of dwindling buyer confidence. Daily charts reveal a relentless series of lower highs as sellers aggressively guard key moving averages, turning the tide against any potential bullish surge.
Spot Outflows Show Distribution As Buyers Step Back
Source: CoinGlass
CoinGlass flashes a $24.97 million warning sign: net spot outflows. This isn’t just pocket change; it’s a potential shift in crypto winds. Instead of tokens nestling into cold storage for the long haul, they’re flowing back to exchanges. Think of it as crypto returning to the watering hole, but with a twist. When these outflows surgepreciselyas prices flirt with critical support, it’s less a sign of bargain hunters loading up and more a possible red flag – whales might be offloading, not accumulating. Is this a temporary tremor or the start of a bigger quake?
Derivatives Activity Rises, But Bias Remains Mixed
Source: CoinGlass
Futures markets are heating up! Open interest surged 2.54% to a hefty $3.42 billion, signaling a wave of fresh capital flooding in. Volume spiked over 12%, confirming the bullish momentum. Forget unwinding old bets – this surge in open interest reveals traders are aggressively building new positions, hinting at a significant shift on the horizon.
Options traders are strapping in for a wild ride. Last session saw options volume explode by 135%, while open interest skyrocketed a staggering 233%. This surge in options activity suggests traders are bracing for significant volatility ahead. The only catch? The market’s next big move remains a mystery, with options positioning offering no clear directional signal.
XRP’s showing signs of trader optimism, but the price action isn’t cooperating. Binance XRP/USDT longs are outpacing shorts 2.34 to 1, hinting at bottom-fishing near support. Yet, XRP’s still bumping its head on resistance. Are leveraged longs the only thing propping it up, with actual buying power lagging behind?
Trendline Rejection Keeps Structure Weak
Source: TradingView
XRP’s daily chart paints a picture of struggle, the price repeatedly rebuffed by a persistent descending trendline. This ceiling of resistance refuses to yield, each failed attempt highlighting its formidable presence.
Key observations on the current structure:
- XRP trades below the 20, 50, 100, and 200-day EMAs
- The EMA cluster between $2.42 and $2.66 forms a ceiling
- MACD remains below the signal line, with momentum weakening
The bulls charged early this week, but their rally fizzled at the $2.42 mark – the 20-day EMA proved an impenetrable fortress. Now, the price teeters precariously above the $2.20-$2.25 demand zone. Should this critical support crumble, brace for a potential plunge toward the $2.10 liquidity pool, with the ultimate do-or-die level lurking at $2.01 – the origin point of July’s explosive breakout.
XRP’s trapped under a glass ceiling. Breaching $2.48 with serious firepower is the only escape. Until then, the bears are calling the shots, and the EMAs are flashing red downward is still the likely direction.
Will XRP Go Up?
XRP: Poised for a Potential Power Play?
XRP is caught in a tug-of-war. Bears are flexing their muscles, rejecting trendlines and fueling consistent spot outflow. But don’t count the bulls out just yet. Whispers in the derivatives market suggest some traders are betting on a bold comeback. Is XRP about to stage a dramatic reversal, or will the bears maintain their grip?
Bear alert! Breaching $2.20 spells trouble, cracking the demand wall and paving the way to $2.10. Should that support crumble, brace for a deeper plunge towards $1.95.
Related: https://coinedition.com/xrp-price-faces-deeper-correction-analyst-warns-of-1-9-retest-ahead/
Heads Up!This article is for your information and learning only. Think of it as a starting point, not a financial finish line. We’re sharing insights, not giving investment advice. Coin Edition isn’t liable for any bumps in the road if you decide to act on something mentioned here. Before you leap, do your own digging and make smart choices.
Thanks for reading XRP Price Prediction: Trendline Rejection Restricts Upside While Bears Target $220
