- Merchants should not buy XRP after breaking the resistance to the trend line of six weeks.
- The possibility of a short pressure meant that traders could look for short-circuit XRP opportunities after a minor rebound.
Ripple (XRP) experienced an escape beyond the descending descending resistance which has been at stake since early March.
Although this escape, combined with the reversal of the level of $ 2 psychological, was encouraging, it was not the end of the downward trend.
An earlier analysis highlighted an accumulation of liquidity around $ 1.95. A deeper price drop to $ 1.2 has been planned, but the liquidity general costs increased prices. This trend should continue in the short term.
Investors and merchants can prepare to sell XRP at these levels
Source: XRP / USDT on tradingView
The price table on the daily delay has shown a downward structure in play. The lowest at $ 2.23 has not yet been raped, even if resistance to the trend line has been broken. Consequently, the lowering prospects must be kept by traders.
The RSI was 54 years old, showing a change of Haussier dynamics. It was an early sign of a reversal, but it was overshadowed by the conclusion of the OBV. The volume indicator was in a downward trend along the price.
Until it can define a new higher summit to report a stable request, investors and merchants must be careful to take upward positions. Fibonacci’s retracement levels showed that $ 2.46 and $ 2.7 were great resistance levels beyond the local resistance at $ 2.23.
Source: Coanyze
The open interest (OI) behind XRP has increased in the last 24 hours while the price has joined 6%at the time of the press. This increase in the OO did not accompany an increase in the CVD spot.
This indicated a lack of purchase pressure on the spot markets. Consequently, it was more likely that the recent gathering was motivated by derivatives and could vacillate soon.
Source: Coringlass
The thermal liquidation card has reinforced this view. He showed a group of high-level effect liquidations just above the XRP market price, extending to $ 2.25.
The increase in cumulative lever costs meant that the uncovered sellers could be hunted in the short term before a reversal of bears.
This short pressure could give a short -term rebound and also give traders a chance not to fail.
Notice of non-responsibility: The information presented does not constitute financial investments, exchanges or other types of advice and is only the opinion of the writer
