2023-11-19 16:19:25
XRP has experienced a slight decline in value in recent days. which corresponds to a certain period of time wide integration Cryptocurrency market following four consecutive weeks of price increases
Although information from CoinMarketCap At the time of writing, XRP is up 1.78% in the past 24 hours. The larger seven-day time frame shows it is still down 8.68%. On the other hand, price indicators including open interest for futures and bullish divergence with RSI indicate the potential for an increase in the value of the futures contract. token significantly in the near future.
Crypto Analyst Sees Strong XRP Price Movement
According to crypto analyst Will Taylor, also known as Cryptoinsightsuk On social media, XRP is showing signs of upward momentum that might push the price up to his target of $1.35. The analyst took to social media platform X to point out two indicators that Indicates that the price is going up. and explain the importance of those indicators
in the end, $XRP.$XRP It actually looks quite different from the other charts. that I just mentioned
We had over $100 million of OI enter the market during a notable spike. (On the day there was news of fake ETFs)
From this time The price has moved down and OI is relatively stable. This… pic.twitter.com/SY9pEZs5mr
— Cryptoinsightuk (@Cryptoinsightuk) November 17, 2023
Exchange data shows that there was an increase in open interest for more than $100 million in futures contracts in the XRP ecosystem on the day of the fake news filing of BlackRock’s XRP ETF. XRP also experienced a price surge of 16% to $0.75. At the same time, however, Cryptoinsightsuk It points out that while crypto has lost ground, its price has skyrocketed. But the amount of open interest remains pretty much the same.
According to analysts, As the price of XRP has decreased, the amount of open interest in the futures contract has remained the same. This means that it may be a short-term trading position. “This shows me that there are currently a lot of shorts on $XRP,” he said.
A look at the price chart provided by the trader indicates the formation of highs and lows by XRP. The latest action is a bounce up. And now it is approaching the descending upper trend line formed by the lower peak. He noted that a break above the descending trend line might be the start of an uptrend for XRP.
Total crypto market cap is currently at $1.3 trillion. Chart: TradingView.com
This may encourage people to close open short positions or close them by buying trades. This might lead to more aggressive breakouts in the market.
“This can stop losses and push XRP to move quickly,” he said.
Bullish divergence with RSI
Traders also noted that the creation of higher lows in the price of XRP created a bullish divergence with the RSI overbought/oversold indicator. This bullish divergence shows that the bulls are ready to regain control of the market. And the bears are starting to lose momentum.
“XRP will be sent to my target range of $0.89 – $1.35,” he predicted.
Cryptoinsightuk had initially created a daily countdown for XRP price to break through its target of $1.06. However, the countdown has now ended and XRP has not yet exploded.
“I specified the wrong date. But I feel it is inevitable,” the analyst said.
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