Ah, dear reader, allow me to regale you with a tale of XRP, a digital daredevil of the financial world, performing a cryptic ballet of buys and sells!
- Our anti-hero, XRP, seemed to have a tussle with the bear after a rejection at $3.2
- A retest of $2.95 is on the cards, but a bullish about-face may emerge from the lower bounds of its range
Once upon a time, in a world of blockchain and ledgers, XRP formed a range between $2.95 and $3.23, with the mid-range level neatly placed at $3.1. A delightful little upgrade, the AMMClawback amendment, graced the XRP Ledger, ensuring better regulatory compliance for AMM pools. Quite thoughtful, wouldn’t you say?
Alas, the price front proved to be a struggle, but fear not! The gallant buyers are poised to defend the all-important $2.9 – $2.95 demand zone. Our intrepid analysts at AMBCrypto observed that the $3.2 level posed a formidable challenge for the bulls in the short-term.
And indeed, rejection ensued at $3.15 on the 30th of January, dashing the hopes of the bullish horde. But worry not, for intriguing possibilities lie ahead!
Might XRP revisit its December range formation?
In the halcyon days of December, XRP experienced a splendid surge from $1.88 to $2.9. This was followed by a consolidation within a range, with the lows at $2 and the highs at $2.62. The range lows were visited twice, one of them a daring dip below the low, before XRP resumed its upward trend with gusto.
So, it’s possible we’ll witness another test of the lows and some consolidation around the mid-range level before the next glorious leap. A significant plunge below $2.95 has already occurred, dear reader, adding to the intrigue.
At the moment, trading volume is rather low, and one shouldn’t expect a dramatic move in the next fortnight. However, reclaiming the mid-range level as support would offer a delightful buying opportunity for those who dare to partake in this enchanting dance of digital assets!
The 1-month liquidation heatmap reveals the $3.2 and $3.45 levels as significant attractive forces to the north. The price will likely gravitate towards these regions, especially $3.45, where it may encounter a bearish reversal. How delightfully dramatic!
Is the market cap of XRP realistic in Bitcoin‘s terms? Well, that’s a question best left to the philosophers and dreamers of the cryptosphere!
The past week’s liquidation heatmap outlined $3.2 as a short-term bullish target. A retest of the $2.95 demand zone would be a buy signal for XRP traders, targeting $3.2. But, a drop below $2.9 would extinguish this bullish notion, much to the dismay of the hopeful.
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2025-02-01 18:18