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Home»Bitcoin»These are all reasons why XRP may be heading for a price drop
Bitcoin

These are all reasons why XRP may be heading for a price drop

2024-01-11No Comments3 Mins Read
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  • A spot XRP ETF could emerge in the coming months.
  • XRP was overbought, but shorts still risk liquidation.

Like many altcoins, Ripple’s price is [XRP] went on an upward trajectory after the SEC approved spot Bitcoin [BTC] ETFs. On January 11, XRP crossed $0.60. This was the first time XRP surpassed the zone since January 3.

However, AMBCrypto found that XRP’s run seemed to be much more than the influence of other altcoins. This was due to the information that Eleanor Terrett shared on January 9.

According to Terrett, a journalist at FoxBusiness, an XRP spot ETF could be live within a few months.

She based her premise on the idea that XRP, alongside its underlying company Ripple, has gained regulatory clarity in the US.

Based on my conversations with the industry about this today, there are certainly differing opinions on whether or not this is the case @SECGov would endorse a single product $XRP spot ETF.

Bulls claim XRP is the only digital asset to have received any form of ‘regulatory clarity’ from the… https://t.co/DcQTuNaKiZ

—Eleanor Terrett (@EleanorTerrett) January 9, 2024

Longs pay shorts to keep the account open

Should this happen, XRP could experience the same bullish sentiment that Bitcoin has enjoyed lately. Regardless of the outcome of the potential ETF, traders appear optimistic about the price action.

At the time of writing, XRPs Financing rate amounted to 0.01%. If the financing rate is negative, it means that the perp price is trading at a discount compared to the index or spot price. In this case, shorts pay a financing fee, while longs receive a payment.

See also  Bitcoin futures show renewed confidence amidst price surge

However, at the time of writing, the funding rate was positive. This means that the perp price trades at a premium when placed next to the spot value.


XRP Price and Funding Rate Amid Talks of an XRP Spot ETF

Source: Santiment

In terms of price, this position means that XRP has the potential to be bearish in the short term. If the funding rate remains positive while the price consolidates, the token could play a role in resistance.

AMBCrypto’s analysis of the 4-hour chart showed resistance at $0.58. So if the buying pressure becomes less aggressive, the XRP price could drop to $0.58. However, the support at $0.56 could prevent the token from falling further.

This potential was supported by the Chaikin Money Flow (CMF), whose positive value had become extreme. The CMF value implied that XRP was overbought. So the price could close lower than on January 10.


XRP price analysis on the 4-hour time frame

Source: TradingView

XRP bears should beware as the price is targeting $0.65

However, indications from the MACD showed that the price could recover quickly if that happens. At the time of writing, the MACD was also in the positive region. This suggests bullish momentum for the cryptocurrency.

A move towards $0.65 is therefore also an option for XRP in the short term.


Read Ripple’s [XRP] Price forecast 2024-2025


Furthermore, the Liquidation Heatmap showed that shorts targeting a decline to $0.58 should be cautious. This was because the Heatmap showed that there was a cluster of liquidity (colored yellow) around the price.

So if a trader decides to open a short position with medium or high leverage, it can be liquidated.


XRP Liquidation Heatmap

Source: HyblockCapital



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See also  Bitcoin: Will the Muted Price Action Extend?
Drop heading Price Reasons XRP
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