Recently, a lot of people have started selling their holdings, which has caused the prices of major ones, like Bitcoin, to fall sharply. Right now, the prices of altcoins are kind of stable, but they’re at a low point that we’ve seen in the past month. Bitcoin’s price is currently knocking $27,000, and it’s testing the nerves of those looking to buy. On the other hand, XRP traders are trying to find chances to bring some buying pressure near its dip. This might cause its price to go up a little bit soon.
Traders Become Bullish Near XRP’s $0.48 Dip
The price of XRP experienced a significant drop today as buyer confidence declined following a tumble to $0.5. As a result, investors who had anticipated a price surge above $0.5 and opened long positions withdrew their positions from the market. Data from Coinglass indicates that over $1.3 million in long positions were liquidated today, thereby strengthening the immediate resistance line.
The decline was triggered due to manipulation rumors. In a tweet, an XRP influencer expressed concerns about the alleged manipulation of XRP’s price by the wealthy elite, comprising significant bankers representing only 0.01% of market participants. He said that these financial powerhouses, historically known for manipulating assets like gold, are reportedly impacting XRP’s value despite its recent legal win against the SEC providing regulatory clarity.
From an on-chain view, traders are surprisingly bullish on XRP, with the long/short ratio metric reaching 1.0825. A surge in long positions is evident near XRP’s $0.48 dip, with buyers holding a slight majority at 52% bullish positions. Conversely, sellers, holding 48% in short positions, are strongly defending this resistance, although the momentum appears to slightly favor buyers.
Moreover, the Open Interest has also made a spike, registering a gain of $16 million in the last 12 hours. This is bullish amid XRP’s recovery rally from the bearish mud.
What’s Next For XRP Price?
XRP price continued to drop below the upward trend line and faced another wave of selling pressure near $0.5 after buyers failed to bring confidence. As a result, the XRP price has now reached its monthly support line, creating an opportunity for accumulation. As of writing, XRP price trades at $0.4876, declining over 1.8% from yesterday’s rate.
Bulls have successfully reversed the trend from the dip of $0.48 and are now attempting to send the price above the 23.6% Fib channel. If XRP successfully holds its current momentum, we might see a recovery toward $0.5. Next, the bulls will attempt to conquer the resistance at $0.556. If they break through, it will indicate the start of a new uptrend, potentially sending the XRP price above $0.6.
However, if the price fails to hold its current rally, sellers will soon take control, and bulls might take profits, possibly plunging the altcoin toward the bearish consolidation at $0.48-$0.45.
