2024-03-23 06:14:01
- A day following reaching $0.65, XRP fell to $0.60.
- The funding rate was positive, while CLLD was negative, indicating a possible rebound.
Moments following the price of Then [XRP] rose by 6.98%, the price fell to $0.62. During internal trading hours on March 21, XRP rose to $0.65. When this happened, the prices of other assets in the top 10, including bitcoins [BTC]y solana [SOL] It struggled to match the token’s momentum.
However, data at press time showed that most cryptocurrencies were moving at the same pace. At the time of writing, XRP has Lost Control It stepped on the accelerator and lost 4.13% of its value. BTC fell below $63,000, while SOL’s fall was harsher as the price fell by 10.35%.
Correction first, respite later
The price drop was a sign that the market might be on the verge of another correction. If so, it would be the second time in a week that asset values in the market have experienced a significant drop.
Despite the decline, AMBCrypto’s analysis of liquidation levels showed that the token might appreciate in the short term. At press time, we detect a liquidity pool of $0.65 to $0.68.
This indicates that the price of XRP might move in that direction. If this were the case, many short positions might disappear. However, the token value is likely drop below $0.60 before it rebounds.
We also check the Cumulative Settlement Level Delta (CCLD). The CLLD is the sum of the difference between the short settlement levels and the long settlement levels.
When the CCLD value is positive, there are longer settlements. On the other hand, a negative reading implies that short liquidations are more than long liquidations.
XRP struggles to choose a side
At press time, XRP’s CLLD over the past seven days was negative. Regarding the price, the reading gives a bullish bias. This is because as prices fall sharply, the decline might reverse and late short positions might be liquidated.
Another part that AMBCrypto looked at was the XRP funding rate. If the metric is positive, it means that the longs are paying the shorts a funding fee. On the contrary, a negative value suggests that the shorts are the ones making the payment.
At the time of writing this article, on-chain data presented that the financing rate was positive. But there was something else we might take our eyes off of. The funding rate was not only positive but had begun to rise further.
How much they cost 1,10,100 XRP worth today?
The fact that the price of XRP is dropping as funding increases means buyers are in disbelief. It also implies that most spot traders were sellers. Therefore, this is bearish for the token.
In this circumstance, Ripple’s native token may need to rely on immediate support to avoid a steeper decline. If the bulls defend the price around $0.58, then XPR might bounce from there. Otherwise, a drop to $0.55 might be possible.
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This is an automatic translation of our English version.
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