Xrp It was recovered at least $ 1.61 of April 7, but for the moment it is still below the key level of $ 2.20. It can pierce XRP through this where the price will give another step back first.
Negative financing rate for XRP
A possible price management indicator is the financing rate on the term market. It is currently negative. In other words, there are more operators who expect the price to drop instead of increasing. The operators who expect the price to drop (short) to be the majority, they must pay a commission to pending operators (duration).
Since the beginning of February, the funding rate has been less than 0%. Since then, therefore, most operators on the term market have been pessimistic about the future price of XRP.
A second indicator is the drop in interest open for the long -term market. Open interest indicates the total number of term contracts opened currently active on the market. An increasing open interest generally means more enthusiasm and commitment on the part of operators. But, as is the case now with the XRP, the drop in open interest means less confidence and less activity around the XRP.
On January 17, the interest opened was still $ 7,870 million, but dropped to $ 3,060 million on April 10. Experience shows that, with open interests, projects have trouble maintaining an upward trend. Indeed, there is not enough capital or enthusiasm to increase the price. Currently, I could even create a sale pressure for XRP when the positions are starting to close.
Lots of $ 2.20 resistance in the XRP price table.
In addition to these indicators in the chain, XRP is also a challenge in the technical front. The resistance level of $ 2.20 has not broken down so far. Today early, the price increased briefly above this important level, but then fell below the resistance. So an unsuccessful attempt.
To consult, the price must clearly break the level of resistance and close above 2.20 dollars. In addition, the SMA resistance to the next 50 days in $ 2.28 must also be broken with a high volume. Then, the resistance is more likely to be broken and you can continue to look to the SMA of 100 days at $ 2.50. On the other hand, the relative force index (RSI) remains below the average. With this RSI, a reverse is more likely. If the support of $ 1.86 is lost, it seems possible to drop up to $ 1.61 or $ 1.07. This scenario predicted above The well -known merchant Peter Brandt.
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