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.
Can the XRP price exceed this level or will it fall again?
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).
In early February, the funding rate was already less than 0%. Since then, therefore, most operators on the term market have been skeptical about the future of XRP price.
Open interest also falls
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 interest, projects have trouble maintaining an upward trend.
Indeed, there is not enough capital or enthusiasm to increase the price. Currently, for XRP, it can even produce a sale pressure as the positions are closed.
Lots of resistance at $ 2.20 for Ripple.
In addition to these indicators in the chain, there is also a challenge in the technical front for XRP. The resistance level of $ 2.20 was no longer broken in April.
On April 9, XRP increased by 21% and the rebound ended at the resistance of $ 2.20, as well as the rebound on April 5. Currently, the price finds support in the 200 -day mobile average (SMA) approximately $ 1.86.
To find out, the price must break the level of resistance and close above $ 2.20. In addition, the SMA resistance at 50 days next to $ 2.28 must also break 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 The well -known merchant Peter Brandt has already predicted it.
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