- XRP has demolished an increasing triangular price and the support of $ 2.50.
- XRP traders were supplied too much at $ 2.40 at the bottom and $ 2.55 at the top.
Ripple[XRP] Seems to shift his trend from upward impulse to a downward trend in the midst of continuous market uncertainty.
At the time of writing, with a price drop of 5%, it has actively violated its long -term support and it is ready for a huge price decrease.
XRPs technical analysis and price prediction
According to the technical analysis of Ambcrypto, XRP Beerarish became on the period of four hours after the breaking of an increasing triangular pattern.
This breakdown caused a violation of the crucial support level of $ 2.50. The breakdown of both horizontal support and the triangular price action confirms that XRP could experience a considerable decline.
Source: TradingView
Based on a recent price promotion, if it is actively closing a four-hour candle below $ 2.50 mark, there is a strong possibility of a fall from 13% to the $ 2.10 level in the coming days.
In the meantime, the average directional index of XRP (ADX) was at 20, which indicates a weak strength, which could further support this Bearish front views.
Current price momentum
At the time of the press, XRP traded near $ 2.45, after he had fallen more than 5% for the past 24 hours. In the same period, however, trade volume increased by 70%.
This increase indicates increased participation of traders and investors compared to the previous day.
An increase in trade volume is not necessarily a bullish sign, because it reflects both bullish and bearish activity, including positions, token accumulation and dumping token.
On-chain statistics mixed sentiment
Looking at the current market sentiment, it seems that investors and holders collect in the long term XRP, as revealed by the on-chain Analytics company Coinglass.
Data from Spot -Inflow/Outflow showed an outflow of more than $ 13.65 million in XRP tokens in the last 24 hours.
This indicates potential accumulation that can lead at the top momentum and can buy the purchasing pressure.
Source: Coinglass
However, the prevailing market sentiment suggests that this may not be enough to activate a significant XRP rally.
XRP Traders’ over-pasted positions
In addition to the bullish prospects of long -term holders, the most important liquidation levels were $ 2.40 at the bottom and $ 2.55 at the top at the time of the press.
Traders were used too much at these levels, as revealed by CoingLass data.
Source: Coinglass
If the market sentiment remains unchanged and the price falls below $ 2.40, almost $ 35.50 million will be liquidated in long positions. Conversely, if the sentiment shifts and the price rises to $ 2.55, more than $ 40 million is liquidated in short positions.
These on-chain statistics and technical analysis show that bears are currently dominating the market. This dominance could push the XRP lower in the coming days.
