Current volatility on the cryptocurrency market has left traders and confused investors. In the midst of this, XRP, the native token of Ripple Labs, is ready for a drop in prices, because the feeling among crypto lovers moves towards the bearish side.
70 million XRP discharges on exchanges
Recently, an eminent crypto expert published on X (formerly Twitter) that cryptocurrencies have poured over 70 million XRP tokens on the scholarships during the last four days of trading. This massive sale attracted significant attention from the participants in cryptography.
The market considers that discharges as a lower signal, potentially leading to a significant drop in prices, which is currently reflected in the XRP price.
Current price momen
The assets are currently negotiating nearly $ 2.97 and has gone drop in prices of more than 4.45% in the last 24 hours. During the same period, its volume of trading remained stable, showing no significant change.
XRP technical analysis and key levels
According to an expert technical analysis, Xrp has moved to a parallel channel descending over a daily time. However, the price has formed a cataller’s engulfing candlestick model and seems to decrease.
Based on the action of recent prices and historic momentum, there is a strong possibility that XRP can drop by more than 8.5% to reach its level of support to $ 2.75.
Despite the perspectives of the lower market, Altcoin managed to maintain above the exponential mobile average (EMA) on the daily time, suggesting that Xrp is in an upward trend.
Lowering perspectives of traders
Looking at the Bearish price action, the traders are betting strongly on the decline, as revealed by Coinglass data. At the time of the press, $ 2.91 is a level where the bulls are over-deposed, holding $ 28 million in long positions. Conversely, the open-out sellers are over-designed at $ 3.10, holding a value of $ 56.30 million in exposed positions.
These data indicate that the uncovered sellers dominate the assets and could trigger a liquidation of the open positions of the Bulls if the price falls below the level of $ 2.91.
