Ripple’s Reality Check 💥 — Can XRP Survive the Risk-Off Chi
Евгений88
Updated at: 2 hours ago
{"content":"Ripple’s Reality Check 💥 — Can XRP Survive the Risk-Off Chill?
XRP maintains $2.22 as bulls claw back support despite turbulence.
Due to poor retail demand and dealers shorting XRP, recovery is slow.
XRP may correct 15% when a Death Cross pattern emerges.
After two days of losses, Ripple (XRP) maintains above $2.22 on Wednesday. Despite positive efforts to reclaim control, XRP faces poor retail demand due to deleveraging, liquidations, and cryptocurrency market risk-off sentiment.
XRP has lost a lot from its record high of $3.66 in mid-July due to a poor technical structure.
Topside heavy XRP in a deteriorating derivatives market
Due to futures market liquidations after Monday and Tuesday's sell-off, many investors are calculating losses. CoinGlass data shows $29 million in long positions and $3 million in shorts liquidated on Monday.
Tuesday's selling liquidated nearly $36 million in longs and $6 million in shorts. Wednesday saw $2 million in long liquidations and $1.5 million in short liquidations on CoinGlass.
Futures Open Interest (OI) fell to $3.32 billion on Wednesday from $4.33 billion on Monday and $9.09 billion on October 7, indicating risk-off attitude. Lack of confidence in XRP's comeback may be keeping traders away.
Source: CoinGlass XRP OI-Weighted Funding Rate
Technical outlook: XRP suggests recovery
On Wednesday, XRP was selling at $2.22 due to cryptocurrency market headwinds. Traders expect a closing over $2.22 to signal stability and a possible rebound.
Relative Strength Index (RSI) has rebounded to 33 on the daily chart, indicating negative momentum is receding. Higher RSI readings imply a move from negative to optimistic sentiment, improving the probability of a sustained rebound toward $2.59, the 200-day EMA barrier.
The daily chart's Moving Average Convergence Divergence (MACD) indicator has been selling since Tuesday, advising investors to cut exposure. Red histogram bars below the mean line indicate overhead pressure and a possible downturn to $2.00.
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