XRP slides below $1. 30 support: Traders turn bearish in the short-term
On Tuesday, the 15th of September, 리플 [XRP] registered a 1-day loss of 9. 82%, falling from $1. 42 to $1. 28. This price slide was surprising because the altcoin had been repeatedly testing the $1. 45 local resistance zone since late August.
XRP’s Open Interest has fallen from $1. 128billion in late August to $871million at the time of writing. This was a 23% decline, or $257million, in just under a month.
The OI decline coincided with XRP’s rejection from the $1. 50 higher timeframe supply zone. It indicated derivatives positions were either closed or liquidated in large numbers.
A decrease in speculative interest, alongside a price slide below the $1. 30 support, was not an encouraging sign.
Throughout September, XRP spot ETF flows have been positive. Growing ETF funds also acquired moreXRP, reducing the available supply.
Despite 기관 demand, the price action was lagging, AMBCrypto reportedearlier this month. This was partly due to the decline in 비트코인 [BTC]prices, as the market priced in the increasing odds of arate hike.
The $1. 30 support level was highlighted as a key short-term support, one that XRP hasfailed to holddue to the increased sell pressure in recent days.
There was aggressive selling in the futures markets, accompanied by the Open Interest decline.
The XRP swing structure on the daily timeframe was bullish. The downtrend earlier this year set a lower high at $1. 184 (dotted green) that was breached by the August rally, flipping the structure around.
The 61. 8% Fibonacci retracement level has been tested, and at the time of writing, the $1. 30 former support was being tested as resistance.
Without an influx of strong demand in both Spot and Futures markets, XRP could continue its retracement and fall toward $1. 14 next.
The 거래소 supply ratio measures the proportion of XRP’s circulating supply that is on centralized 거래소 wallets. The ratio had been falling from April to July. Since then, it has stabilized at around 2. 6%.
출처: AMBCrypto