- XRP was able to post large gains when Bitcoin reached its highest point.
- On the basis of liquidity pockets, caution was advised for XRP bulls.
Ripple [XRP] Bulls erupted on March 11th. Bulls pushed the prices up by 22.3%, from $0.608 at day’s start to $0.744, before sellers pushed them back down to $0.7.
AMBCrypto was pleasantly surprised by the performance of this token. recent reportIt was expected that the price would drop to $0.7. It was more, but also raised the question of whether demand could be sustained.
Has a rejection begun?
On the 11th the $0.7 range tops were broken, but bulls could not defend it as a support. It was similar to early November’s price movement, where a quick rally up to $0.7 was then followed by another rejection.
OBV showed a positive trend as it broke through the July highs, and continued to do so. The bears could be kept at bay by a sustained rise in buying volume, but this was not certain.
After the move to sweep out liquidity above $0.7, we could see prices begin to fall towards $0.64 and $0.52-$0.54. The price of a stock is influenced by liquidity. altcoin marketXRP’s performance has been lagging.
This surge of Open Interest reflects intense speculative activity
Open Interest soared along with XRP. The Open Interest rose from 600 million dollars to 830 million. Also, the Spot CVD ticked up. The latter indicator, however, continued to decline.
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The bulls were not happy. This showed that futures markets were driving the upward trend and it was a liquidation grab. It was not driven by real demand.
A retracement towards the support levels of $0.64 and $0.054 could then follow.
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Source: ambcrypto.com