Ah, the enigmatic XRP, that slippery little fish of the crypto pond! Just a mere 24 hours after the delightful news that Ripple‘s legal tango with the US Securities and Exchange Commission (SEC) might be drawing to a close, our dear XRP decided to throw a party, rallying a jubilant 16% on March 19. But, as is often the case with such exuberance, it promptly shed half of its gains, like a snake shedding its skin, and now finds itself languishing below the hallowed ground of $2.50. 🐍
XRP Rally: A Spot-Driven Spectacle
In a twist of fate worthy of a Dostoevskian novel, XRP matched its all-time high of $3.40 on January 16, propelled by a veritable tsunami of spot buy volumes that sustained a parabolic rally for weeks. Oh, the drama! 🎭
And lo! A similar spectacle is unfolding in the XRP market today. Data from Velo, that ever-watchful oracle, suggests that the aggregated spot tape CVD has turned positive for the first time since late January. A sign of hope, or merely a mirage? Only time will tell. ⏳
This aggregated spot tape cumulative trade delta indicator, a mouthful indeed, tracks the net difference between aggressive buy and sell trades across multiple exchanges. When it turns green and rises above zero, it signals a burgeoning buying pressure, as market buy trades outnumber their sell counterparts. A veritable symphony of buyer aggression, leading to a price rise! 🎶
Yet, lurking in the shadows, a negative aggregated premium on open interest suggests that the futures market continues to bid against an XRP price rise. A classic tussle between bullish spots and bearish perps, like a cat and mouse game, but with more zeros involved. 🐱🐭
XRP: A $2 Detour Before New Heights?
Enter CrediBULL Crypto, our anonymous crypto oracle, who hints that XRP is on a trajectory towards an all-time high above $3.40 in the coming weeks. But first, it may need to revisit its immediate lows around $2 before embarking on its grand ascent. A necessary detour, perhaps? 🛣️
Employing a Power of 3 technical setup, our trader friend suggests that XRP is currently in an accumulation range, soon to be followed by a manipulation period, where prices might take a dip to around $1.80 to $2. A thrilling ride, indeed! 🎢
Dom, the market analyst, chimes in, asserting that XRP’s all-time high volume weighted average price (VWAP) remains a bullish threshold, and the altcoin must “stabilize” around the $2.50 level. A precarious balancing act, if ever there was one! ⚖️
While the immediate directional bias is as clear as mud, XRP’s long-term market structure remains “constructive.” One of the extremes, at $3 and $2, is poised to be breached in the coming days. A thrilling cliffhanger! 📈
From a technical perspective, XRP could sidestep a $2 dip if it manages to establish a bullish close above $2.65. This would create a positive break of structure (BOS) for the token, potentially convincing futures traders to join the bullish parade alongside their spot-trading counterparts. 🎉
Conversely, a close below $2.23 would nullify XRP’s recent price action, reinstating the overall bearish trend. Retaining a position above the incline support (that black trendline) is essential for a higher high trend in the coming days. A nail-biter, for sure! 😬
Despite the bullish spot activity, XRP prices linger
Read More
- AUCTION PREDICTION. AUCTION cryptocurrency
- BNB PREDICTION. BNB cryptocurrency
- EPCOT Ceiling Collapses Over Soarin’ Queue After Recent Sewage Leak
- Gene Hackman and Wife Betsy Arakawa’s Shocking Causes of Death Revealed
- Why Aesha Scott Didn’t Return for Below Deck Down Under Season 3
- Sabrina Carpenter, Bad Bunny, Pedro Pascal Star in Hilarious Domingo Remix
- One Piece: Uncovering a Decade-Long Mistake – Gaban, Not Shiki!
- 3 Netflix Shows to Watch After Finishing Cassandra
- HBAR PREDICTION. HBAR cryptocurrency
- Invincible Season 4: What We Know About Release Date and Plot Speculation!
2025-03-21 20:00