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BTC
$95,796
3.46%
ETH
$3,343.43
4.18%
BNB
$688.55
1.92%
USDT
$0.9986
0.06%
XRP
$2.15
5.74%
SOL
$189.18
4.05%
DOGE
$0.3126
6.55%
USDC
$1.00
0.04%
ADA
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STETH
$3,341.45
4.05%
TRX
$0.2538
1.25%
WBTC
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1.93%
AVAX
$37.34
7.39%
TON
$5.73
3.65%
LINK
$22.73
6.91%
SHIB
$0.00002155
5.21%
DOT
$6.96
6.82%
BCH
$437.82
5.45%
LEO
$9.06
5.71%
NEAR
$5.11
5.34%
BTC
$95,796
3.46%
ETH
$3,343.43
4.18%
BNB
$688.55
1.92%
USDT
$0.9986
0.06%
XRP
$2.15
5.74%
SOL
$189.18
4.05%
DOGE
$0.3126
6.55%
USDC
$1.00
0.04%
ADA
$0.8625
5.60%
STETH
$3,341.45
4.05%
TRX
$0.2538
1.25%
WBTC
$98,445.69
1.93%
AVAX
$37.34
7.39%
TON
$5.73
3.65%
LINK
$22.73
6.91%
SHIB
$0.00002155
5.21%
DOT
$6.96
6.82%
BCH
$437.82
5.45%
LEO
$9.06
5.71%
NEAR
$5.11
5.34%
BTC
$95,796
3.46%
ETH
$3,343.43
4.18%
BNB
$688.55
1.92%
USDT
$0.9986
0.06%
XRP
$2.15
5.74%
SOL
$189.18
4.05%
DOGE
$0.3126
6.55%
USDC
$1.00
0.04%
ADA
$0.8625
5.60%
STETH
$3,341.45
4.05%
TRX
$0.2538
1.25%
WBTC
$98,445.69
1.93%
AVAX
$37.34
7.39%
TON
$5.73
3.65%
LINK
$22.73
6.91%
SHIB
$0.00002155
5.21%
DOT
$6.96
6.82%
BCH
$437.82
5.45%
LEO
$9.06
5.71%
NEAR
$5.11
5.34%
BTC
$95,796
3.46%
ETH
$3,343.43
4.18%
BNB
$688.55
1.92%
USDT
$0.9986
0.06%
XRP
$2.15
5.74%
SOL
$189.18
4.05%
DOGE
$0.3126
6.55%
USDC
$1.00
0.04%
ADA
$0.8625
5.60%
STETH
$3,341.45
4.05%
TRX
$0.2538
1.25%
WBTC
$98,445.69
1.93%
AVAX
$37.34
7.39%
TON
$5.73
3.65%
LINK
$22.73
6.91%
SHIB
$0.00002155
5.21%
DOT
$6.96
6.82%
BCH
$437.82
5.45%
LEO
$9.06
5.71%
NEAR
$5.11
5.34%
USD

Ad
Biraajmaan Tamuly
4 hours ago


XRP PRICE MUST RECLAIM $2.30 TO ABSORB BUY WALL — ANALYST

Futures open interest on XRP dropped by 54% in three weeks. Is XRP gearing up
for another rally?

2921 Total views
3 Total shares
Listen to article
3:32

Market Analysis
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Since retesting its psychological support at $2 on Dec. 20, XRP XRP $2.15 has
consolidated between $2.40 and $2.13 over the past week, coiling for a breakout
in either direction.

While the high-time frame (HTF) structure remains bullish, one analyst explained
why the altcoin must close a position above $2.30 in the short term.


XRP HAS “BUY WALL” UNTIL $2.23, SAYS ANALYST

With XRP oscillating between a narrow price gap, CW, an anonymous crypto data
analyst, said that a buy wall in the short term currently supports the altcoin.

This buy wall was between $2.20 and $2.23, and the altcoin’s inability to hold
position above this range may lead to further drawdowns. The analyst said,

> “If the price is supported, the $XRP will rise. If the support fails, it is
> likely to fall to the lower line.”

Meanwhile, Dom, a crypto trader, explained that XRP’s spot buyers are bidding
again on Kraken and Bitfinex, with the altcoin exhibiting better strength than
other crypto assets. Last week, the spot market buyers were active on Coinbase
and Bitstamp, which allowed XRP to maintain a position above $2.20.

XRP price analysis by Dom. Source: X.com

However, the trader believed that XRP is still “not out of the woods” and said,

> “We need acceptance back into $2.30s to be in safer territory.”

Related: Binance Bitcoin reserves hit January levels — months before BTC jumped
90%


XRP OPEN INTEREST DROPS 54% IN 3 WEEKS

While XRP has piqued the spot market’s attention, its futures market painted a
different picture. Data from CoinGlass highlighted that its open interest
declined from $4.23 billion on Dec. 3 to $1.95 billion on Dec. 26, a 54% drop.

XRP’s open interest chart. Source: CoinGlass

Such a significant drop during the holiday season implies that liquidity is
running thin in XRP’s futures market, which may be a double-edged sword. With
the crypto asset at a critical level, prices may be more volatile than expected.

XRP 1-day chart. Source: Cointelegraph/TradingView

From a technical perspective, forming a symmetrical triangle strengthens the
above argument. As observed on the 1-day chart, XRP’s price is likely to
breakout or breakdown once volatility kicks in, and with liquidity levels
(upside and downside) presented on both sides. A symmetrical triangle presents
an equal probability between a bullish or bearish outcome.

Thus, in line with the earlier analysis, a quick recovery above $2.30 may
trigger a swing toward a pattern high at $2.95. However, failure to maintain
support may lead to a new swing low at $1.85, which was previously witnessed on
Dec. 1.

Related: Price analysis 12/25: BTC, ETH, XRP, SOL, BNB, DOGE, ADA, AVAX, LINK,
TON

Explore more articles like this

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This article is for general information purposes and is not intended to be and
should not be taken as legal or investment advice. The views, thoughts, and
opinions expressed here are the author’s alone and do not necessarily reflect or
represent the views and opinions of Cointelegraph.


 * #Altcoin
 * #Ripple
 * #XRP
 * #Markets
 * #Price Analysis
 * #Market Analysis


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