Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- XRP posted a gain of 9.1% in the past 48 hours.
- $467.40k in short positions liquidated.
Ripples [XRP] bullish march made significant progress as the altcoin posted 9.1% gains over the past 48 hours. A recent price report highlighted the possibility of further gains for XRP after bulls successfully defended much of March’s gains.
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Bitcoin [BTC] holding steady in the $26.5k price zone over the same period solidified the bullish charge, as the price of XRP moved towards a key resistance level.
Bulls are ramping up momentum
Source: XRP/USDT in trade view
Despite the general market conditions, XRP has been in an uptrend since May 16 after finding support at the $0.4172 level. While the uptrend has experienced significant pullbacks at the $0.5708 and $0.5401 levels, recent price action has shown that bulls were on the rise again.
XRP placed four consecutive bullish candles in the 12-hour time frame to rally towards the $0.4940 resistance level. This bullish activity may have been impacted by XRP’s non-classification as a security in the ongoing SEC lawsuit.
The indicators on the chart suggested that bulls are likely to reverse the $0.4940 level to support. The RSI remained at the neutral 50 despite a brief dip. The OBV also maintained its uptrend to indicate steady demand behind XRP. The CMF posted a reading of +0.17 at the time of going to press. This showed steady capital inflows into XRP.
A session close to the $0.4940 level on the higher timeframes will be a good opportunity for buyers to reclaim the $0.5401 level. However, a major challenge will be the bearish order block just below the level.
On the other hand, bears will try to stop the bullish momentum at $0.4940 with price rejection at the level. This could turn XRP bearish with sellers targeting the $0.4451 and $0.4172 support levels.
Speculators support bulls
Source: Coinglass
A look at the data on the 12-hour long/short ratio of Mint glass revealed that market sentiment was slightly bullish. As of this writing, longs had a 50.35% advantage.
Read Ripples [XRP] Price Forecast 2023-24
The liquidation data over the same period also showed that short positions suffered significant losses. $467.40k in short positions were liquidated compared to $171.04k in long positions.
These price movements by market speculators can increase the buying pressure on XRP, leading to increased profits in the medium/long term.
Source: Mint glass
