XRP Price Prediction May 6: Bears Grip Derivatives, $2.05 Critical
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- XRP Price Prediction May 6: Bearish derivatives data (0.94 L/S ratio) suggests downside pressure.
- XRP Price Action Today: Watch key support at $2.05; RSI/MACD indicators signal weakening momentum.
- XRP Price Update: Failed Ripple bid for Circle provides background context for market sentiment.
XRP price update and analysis for May 6th shows XRP price action today March 5th, facing headwinds. That’s according to fresh derivatives data from Coinglass showing intensified bearish sentiment around the XRP token.
The long/short ratio currently sits at 0.9406, a clear signal that more traders are betting on the XRP price going down rather than up.
This ratio leaning bearish has persisted for nearly two weeks, suggesting a continued lack of strong buying conviction. While open interest fell slightly by 1.3%, derivatives trading volume stays high, jumping 35% to $3.28 billion, showing traders move in based on the XRP price volatility.
What’s Happening with XRP’s Price on the Charts?
Looking at the technicals, the current XRP price (via CoinMarketCap) shows that XRP is hovering around $2.14, which is critically close to the key support level at $2.05. A br…
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