Ripple’s XRP Hits $1.63 But Are the Good Times Over?

$XRP had a big moment recently hitting a year to date high of $1.63 on November 23 It was a great run but now the vibes are shifting The price has dipped to $1.44 (down 6% in the last 24 hours) and many traders are starting to bet on the rally losing steam

Let’s break it down in simple terms:

Why Are Traders Doubting XRP?

When XRP’s price dropped, something interesting happened open interest in its futures market also fell

Open interest (or OI) is just a fancy term for the total number of active trading contracts that haven’t been settled yet

In the past 24 hours $XRP’s open interest dropped by 9% to $2.52 billion according to Coinglass — What does that mean? It signals that traders are closing their bets either to lock in profits or avoid losing more money

Basically people are pulling back showing less confidence in $XRP’s ability to keep climbing

Adding to this the Long/Short ratio is showing bearish vibes Right now, it’s at 0.96, meaning there are more short positions (bets that XRP’s price will drop) than long positions (bets that the price will go up) With 51% of traders betting against XRP the sentiment is clear many believe the price is heading lower

Is XRP’s Price About to Fall More?

Currently $XRP is holding above a key support level at $1.33 If the bears keep pushing and there’s not enough buying demand $XRP could slide further, possibly down to $1.15

But hey all hope isn’t lost!

If market sentiment shifts and buyers step in XRP could rally back up in that case it might retest its $1.63 high and even aim for new heights

What Should You Watch for Next?

• $1.33 Support Level:

If XRP falls below this we could see a deeper drop

• Market Sentiment:

Keep an eye on how traders feel. If more people start betting on a price increase the tide could turn

• Volume:

A rise in buying activity could signal a reversal In summary $XRP’s recent drop has some traders worried but the market is always full of surprises Whether you’re bullish or bearish it’s worth keeping a close eye on what happens next 📸