XRP‘s Last Dance Before the Crash? 💔
Hold onto your hats, folks! XRP (XRP) is poised to close its largest monthly candle in two days, shattering its previous high of $2.07 by a whopping 40%. The altcoin’s daily chart has been on a tear for the past three months, but it’s still struggling to get above its all-time high of $3.40. 🤔
While retail investors have been driving XRP’s rally, fueled by positive news about Ripple and market speculation about XRP joining a US strategic reserve, futures traders are getting a little nervous. The funding rate has dropped slightly, and short positions are on the rise. 🤑
XRP spot buyers on Coinbase, Binance remain active
But don’t count out the spot buyers just yet! XRP’s spot price has been holding strong on Binance and Coinbase, with active buying over the past 24 hours. 🚀
X post has reported that XRP’s spot trade has been driven by retail investors, and the trend hasn’t yet buckled. However, aggregated spot volume has taken a hit recently, which is neither here nor there in the grand scheme of things. 🤷♂️
XRP traders face a liquidity trap under $3
Now, back to the bad news: XRP’s recovery from its early week lows at $2.70 has created liquidity pockets that may be exploited on the downside. The funding rate has dropped slightly, which may lure in some futures traders to take a short position. 🤑
The area between $2.98 and $2.90 is looking particularly interesting, with a strong 1-hour fair value gap and order block overlapping. This could be the potential bid and reversal range for XRP. But, let’s be clear, a sideways chop below $3 would be a clear indication that sellers are in control. 🚫
So, what’s the outlook for XRP? Well, the long-term expectation remains for the altcoin to break above the bull flag pattern forming over the past two weeks. A breakout above $4.50 to $5.00 could be in the cards, with a potential 45% upswing. 🚀 But for now, keep an eye on that $2.95 level… it’s teeming with danger! 🔥
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2025-01-29 22:47