XRP is nearing a significant resistance zone at $1.38, which coincides with the red-labeled Bollinger Band. Market analysts observe that if XRP closes above this barrier on the daily chart, a
XRP is nearing a significant resistance zone at $1.38, which coincides with the red-labeled Bollinger Band. Market analysts observe that if XRP closes above this barrier on the daily chart, attention could shift to the $1.49 SuperTrend price line as a new target.
Ali Martinez, a well-known cryptocurrency trader, outlined in his latest analysis that XRP may first drop towards $1.25. This support level aligns with the lower boundary of the parallel channel identified in recent price charts.
Despite negative sentiment, including notable selling activity by larger holders, Martinez suggested a possible upward reversal could occur soon. He highlighted, “A bounce from $1.25 could give XRP the strength to rally toward the mid-range at $1.42 or potentially the top of the channel at $1.60.”
XRP’s price action suggests $1.25 might serve as a springboard for moves towards $1.42 or $1.60, provided the current downtrend reverses at support.
Presently, XRP trades approximately $0.06 above the channel’s lower boundary. Broader market uncertainty remains, as Bitcoin’s failure to hold above $87,000 has unsettled risk assets across markets.
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Despite external uncertainties, main on-chain technical indicators for XRP show strength. Martinez pointed to signs that a local bottom could be forming on the daily chart, referencing buy signals identified by the Tom DeMark Sequential at the $1.31 to $1.32 range, including a Sequential 13, a TD 9, and another Aggressive 13.
Mini dictionary: Tom DeMark Sequential, a technical indicator used to identify potential turning points in price trends. It highlights points where a trend may be exhausted and a reversal becomes likely.
For a bullish reversal to materialize, a shift in momentum by buyers would be necessary. On Thursday, XRP’s trading volume stood at $3 billion, but bears have dominated, with selling pressure outweighing buying interest.
Derivatives data from CoinPaprika and CoinGlass display similar trends in sentiment. According to CoinGlass’ Futures statistics, the long-to-short ratio has dropped to 0.93, indicating that traders betting on a price decline currently outnumber those anticipating gains.
Liquidation figures reveal that bulls faced $11.88 million in forced liquidations, nearly matching the total $12.56 million liquidated. This underscores heightened risk for those traders expecting an upward move in XRP.
Data Source Long vs Short Ratio Total Liquidations Bull Liquidations CoinGlass 0.93 $12.56M $11.88MWhile technicals point to a potential local bottom, traders remain cautious due to prevailing bearish momentum and continued liquidation pressure.
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