The cryptography market faces a slight sale pressure during the start of Sunday session, with several cryptographic assets, including XRP, exchanging in red. In the past 24 hours, $ 138 million has been liquidated on the cryptographic derivative market. Interestingly, shorts have represented the majority of this figure, totaling $ 90 million.
In the middle of the current uncertainty on the market, XRP stands out with a surprising turn: its financing rate is currently positive, according to Coinglass data, signaling a potentially optimistic shade.
A positive financing rate indicates that traders are generally optimistic about the future price of the underlying assets, which increases the demand for long positions.
In this scenario, the long positions (purchase contracts) are more widespread and the contract price is higher than the cash price of the underlying assets. This means that traders with long assets pay costs to those who occupied short positions.
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According to Coringlass data, the financing rate of the XRP / USD pair on Binance was 0.0031%. At the time of writing the editorial staff, XRP dropped by 1.25% in the last 24 hours to $ 2.06.
XRP reports major advance
XRP shows signs that a major movement could be on the horizon. After falling at least $ 2.03 on April 16, XRP consolidated, the tightening of the beach over the following five days.
Since that date, XRP has consolidated between $ 2.03 and $ 2.12, traders seeking to see where the price will go. If this stricter consolidation continues, it can lead to a greater decision, either upwards or disadvantage. The volume dropped 19% in the last 24 hours to $ 1.39 billion, a normal event before the volatility of the rupture.
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The bears failed to push XRP below $ 2 support, indicating a lack of sales pressure at lower levels. Bulls can try to start a return, which could reach the 50 -day SMA around $ 2.23. This is an important short-term level to monitor, because a break above could open the way for additional increases. Alternatively, a break below the $ 2 support moves the chances in favor of bears. XRP could then go to the support level of $ 1.72 to $ 1.61.
