Is the XRP Price Decline Going To Continue?
Ripple’s XRP hit a year-to-date high of $1.63 on November 23. However, the fading bullish momentum has future traders doubting the sustainability of the rally. More and more people are opening short positions in anticipation of a price correction in the near future.
XRP is currently trading at $1.44, down 6% in the past 24 hours. This analysis explores the coin’s recent activity futures market and assess the likelihood of continued XRP price declines.
Ripple traders bet on price drop
a drop of openness As the price of XRP has fallen over the past 24 hours, so has interest. According to data from Coinglass, the figure was $2.52 billion, down 9% during the period.
Open interest refers to the total number of active contracts in a derivatives market that have not yet settled, such as futures or options. When open interest declines as an asset’s price falls, traders close positions to lock in profits or minimize losses, indicating declining market participation.
In the case of XRP, this signals diminishing confidence in continuing the upward trend and suggests a continued reversal in the asset’s price action.
Furthermore, XRP’s long/short ratio confirms this bearish outlook. As of this writing, it stands at 0.96%, with 51% of all holdings short Altcoins.
The long/short ratio measures the ratio of long positions (bets that prices will rise) to short positions (bets that prices will fall) in the market. When the ratio is below 1, it indicates that there are more short positions than long positions, indicating bearish sentiment among traders.
This imbalance in the XRP market reflects growing pessimism about the asset’s near-term prospects and could lead to continued downward pressure on its price.
XRP Price Prediction: More Drops Imminent
XRP is currently trading at $1.44remaining above the $1.33 support level. If bearish sentiment intensifies, the price could drop to this support level. A further decline in buying pressure at this level could push XRP down to $1.15.
On the other hand, a shift in market sentiment from negative to positive would invalidate this bearish outlook. If this happens, Altcoins set to regain year-to-date highs $1.63 and try to beat that.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
