- XRP saw accumulation over the course of a month.
- Short-term, the speculative mood was negative. However, a rise to $2.4 in near future is expected.
Ripple [XRP] Has a bullish long-term outlook. After its rally up to $2.9, the range formed by bulls saw steady accumulation.
Peter Brandt, a commodities trader with extensive experience and a classical chartist called recently for an unbiased view of the market. $500 billion market cap XRP is a cryptocurrency.
XRP Range Formation and the Next Buying Opportunity
TradeView: Source for XRP/USDT
Over the past month, XRP traded in a price range ranging from $2.62 to $3.11. In the past, the $2.31 mid-range has been both resistance and support.
A fair value gap that was created in late November could be the next area of demand where XRP would see a bullish response. The OBV, despite the formation of the range, has steadily climbed over the last month.
It was a positive sign that the selling pressure had been weak. The RSI of the daily chart remained above neutral 50, signaling bullish momentum.
It would make sense to revisit the lows of the price range or the $1.9 mark as a potential long-term investment.
There are numerous short-term liquidations in the overhead
Source: Coinglass
Liquidation maps for the last month revealed a cluster of liquidation levels with high leverage between $2,33 and $2.4. Liquidation leverage of $2.4 was greater than that for $2.21.
It was clear that moving north would increase the number of liquidations.
Source: Coinalyze
Open Interest as well as spot CVD fell in the past day. The market’s selling pressure was the cause of this. Bitcoin’s [BTC] drop. The Funding Ratio also decreased.
The short-term sentiment data combined showed a bearish outlook.
Realistic or Not, Here’s XRP’s market cap in BTC’s The following terms are used to describe the term
In the liquidation chart, it was suggested that the move to the upper ranges would be more probable in the days ahead. It was not clear if a range break would occur.
Swing traders should be ready to sell at a profit during such an event. They can also re-buy the $2.35 to $2.4 range during a second test as a support.
Disclaimer: This information is not intended to be a financial, investment or trading advice. It represents the sole opinion of the author.
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Source: ambcrypto.com
