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Since retesting the psychological support level of $2 on December 20, XRP has been hovering between $2.4-2.13 in the past week. Is it ready to rebound again? Can it break through the new high? Old irons who hold XRP must read the article to the end.

From the structure of HTF, XRP is still bullish, but if the price cannot recover to $2.3, it is likely to continue to fall. At present, XRP has not left the risk zone

With the retreat of BTC and the weakness of the market, XRP open interest has also fallen by 54% in 3 weeks

Although XRP has attracted attention in the spot market, its futures market presents a different picture. According to CoinGlass, its open interest fell from $4.23 billion on December 3 to $1.95 billion on December 26, a drop of 54%. Such a sharp drop during the holiday means that liquidity in the XRP futures market is decreasing, which can be a double-edged sword. With the crypto asset at a critical level, the price may be more volatile than expected.

From a technical perspective, the formation of a symmetrical triangle strengthens the above argument. As observed on the 1-day chart, once volatility sets in, XRP’s price is likely to breakout or crash with liquidity levels on both sides (upward and downward). The symmetrical triangle presents an equal probability of a bullish or bearish outcome.

Therefore, in line with the previous analysis, a quick recovery above $2.30 could trigger a swing toward the $2.95 pattern high. However, a failure to hold support could result in a new swing low of $1.85, which was previously seen on December 1.

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