XRP: Potential Short Squeeze or Deep Correction on the Horizon
As Ripple’s XRP hovers between $3.00 and $3.20 after facing rejection at $3.50, the cryptocurrency market is abuzz with speculation about its next move.
One key indicator of potential volatility is the surge in Open Interest on Binance’s XRP derivatives, which reached an all-time high of nearly $3.9 billion before slightly dropping to $3.08 billion. This influx of new capital suggests that a significant liquidation-driven breakout could be imminent.
Source: CryptoQuant
Despite the sideways price action, more traders are taking short positions on XRP Futures, with shorts accounting for 50.77% compared to longs at 49.23%. This imbalance could potentially lead to a short squeeze if the price unexpectedly reverses upward.
Source: CoinGlass
Furthermore, Exchange Netflows for XRP have remained positive for two consecutive days, indicating a potential increase in selling activity as more tokens flow into exchanges.
Source: CoinGlass
With the market in a state of flux, investors are left wondering whether XRP will experience a short squeeze breakout or a deep correction towards $2.90. The increasing demand for short positions could trigger a short squeeze if prices start to climb, leading to significant liquidations for XRP shorts.
On the other hand, if profit takers continue to exit the market, long positions may be liquidated, potentially causing XRP to drop to $2.90. The next move for XRP remains uncertain, but the market is poised for a significant shift in either direction.
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