XRP Bulls Run Into Trouble, Will It Fall to $1.95?
After the impressive price reversal, the cryptocurrency market seems to face the decline in various cryptocurrencies again. As the chain analysis company Coinglass reported, in this, XRP is the local tokens of Ripple Labs. Although the price continues to decline, it still attracts great attention from encrypted enthusiasts.
Binance Traders rising in the long position
At present, the length/short ratio of XRPUSDT on the chain is 2.80, indicating that the businessman’s bullish mood is strong. However, the indicator also shows that there is a short position every 2.80 long positions.
In addition, the data further showed that as of press time, 73.6 % of the second -hand traders of the second -hand XRP traders were the long position, while 26.4 % of the two -person traders held short positions.
Current price motivation
However, all the interests of Binance Traders are XRP Strive to get motivation. The current transaction price of the asset is close to $ 2.50, and the price in the past 24 hours has dropped by more than 6.50 %.
Due to this market uncertainty, the participation of traders and investors declined, resulting in a decrease of 65 % of its transaction volume.
XRP price action and key level
With the significant decline in price declines, XRP seems to fail to maintain its crucial support level of 2.60 US dollars, which is realized during a large price reversal period.
According to the recent price action and historical momentum, if the XRP has not rebounded and closes to a daily candle below $ 2.50, the possibility of reaching the next support at a price of $ 1.95 is likely to decrease by 25 %.
At the same time, XRP’s relative strength index (RSI) is 38, which indicates that due to weak strength, it may face decline in price. In addition, the average movement (EMA) of the 200 indexes of assets is still lower than the price, indicating the upward trend.
Main liquidation area
As the price of the price drop, traders holding a longer position seem to be liquidated. As of now, professionalism Liquidation area The price on the lower side is close to $ 2.47, and the upper side is US $ 2.75, and traders are unreasonable at these positions.
If the current market emotions remain unchanged and the price drops to $ 2.47, the long position value of nearly $ 22.68 million will be liquidated. On the contrary, if the emotional transfer and the price rose to $ 2.75, the liquidation will be liquidated about $ 99 million in short positions.
When these chain industry indicators are combined with technical analysis, it seems that the bull is exhausted, and the short -selling cargoers are currently leading assets, which may lead to further decline in prices.
