Ripple’s XRP has been experiencing a period of accumulation within a specific price range over the past month. Despite short-term bearish sentiment, analysts are anticipating a potential move towards $2.4 in the near future. The overall long-term outlook for XRP remains bullish, with renowned commodities trader Peter Brandt even suggesting a $500 billion market cap for the cryptocurrency.
The current range formation of XRP has seen the digital asset trade within a range from $2 to $2.62. The $2.31 level has acted as both support and resistance during this period, with it currently serving as resistance. Despite this, the On-Balance Volume (OBV) has been steadily increasing, indicating weak selling pressure. Additionally, the Relative Strength Index (RSI) on the daily chart remains above the neutral 50 level, signaling a prevailing bullish momentum. For investors, a potential buying opportunity may arise if XRP revisits the range lows or the $1.9 level.
On the flip side, there have been numerous short liquidations in the market, particularly between the $2.33 and $2.4 levels. The cumulative liquidation leverage towards $2.4 outweighs that towards $2.21, indicating that a move to the upside could trigger a higher volume of liquidations. The Open Interest and spot CVD have both decreased in the past 24 hours due to selling pressure in the market, leading to a bearish sentiment in the short term.
Looking ahead, the liquidation map suggests that a potential move towards the range highs is more likely in the coming days. Whether this will lead to a breakout of the range remains uncertain. Swing traders are advised to consider taking profits during such a move and look to re-enter the market at the $2.35-$2.4 level during a retest as support.
It’s important to note that the information provided does not constitute financial advice, investment recommendations, or trading strategies. It is solely the opinion of the writer. Stay informed and make well-informed decisions in your cryptocurrency investments. The Importance of Mental Health Awareness
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