โ ๏ธ ๐ฅ๐ถ๐ฝ๐ฝ๐น๐ฒโ๐ ๐ซ๐ฅ๐ฃ ๐๐ฎ๐ฐ๐ฒ๐ ๐ฅ๐ถ๐๐ธ ๐ผ๐ณ ๐ฆ๐๐ฒ๐ฒ๐ฝ๐ฒ๐ฟ ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ ๐๐ผ๐ฟ๐ฟ๐ฒ๐ฐ๐๐ถ๐ผ๐ป
Ripple (XRP) price recovery rally largely depends on the broader crypto market and the investorsโ behavior.
However, neither party favors a price rise, which could cause considerable damage to XRP holders.
๐บ ๐ฅ๐ถ๐ฝ๐ฝ๐น๐ฒ ๐๐ป๐๐ฒ๐๐๐ผ๐ฟ๐ ๐ง๐ฎ๐ธ๐ฒ ๐ฎ ๐ฆ๐๐ฒ๐ฝ ๐๐ฎ๐ฐ๐ธ
XRP price attempts to move upward, but by the looks of it, this effort will be thwarted. This is because Ripple is noting bearishness at the hands of its investors, particularly traders.
Bearish bets against XRP have increased in the futures market, which is evident from the funding rate.
The funding rate in cryptocurrency futures trading is the fee paid or received by traders holding leveraged positions overnight. Market conditions determine it and serve to balance the market between long and short positions. Generally, positive funding rates suggest the dominance of long contracts, whereas negative rates hint at short contractsโ taking the preference.
๐บ ๐ซ๐ฅ๐ฃ ๐ถ๐ ๐๐ถ๐๐ป๐ฒ๐๐๐ถ๐ป๐ด ๐ป๐ฒ๐ด๐ฎ๐๐ถ๐๐ฒ ๐ณ๐๐ป๐ฑ๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐, ๐๐ต๐ถ๐ฐ๐ต ๐๐๐ด๐ด๐ฒ๐๐๐ ๐๐ฟ๐ฎ๐ฑ๐ฒ๐ฟ๐ ๐ฎ๐ฟ๐ฒ ๐ฏ๐ฒ๐๐๐ถ๐ป๐ด ๐ผ๐ป ๐ฎ ๐ฝ๐ฟ๐ถ๐ฐ๐ฒ ๐ฑ๐ฒ๐ฐ๐น๐ถ๐ป๐ฒ.
At the same time, the broader market is also exhibiting bearishness, as can be seen in the Relative Strength Index (RSI). The RSI is a momentum oscillator that measures the speed and change of price movement. It is used to identify overbought or oversold conditions in an asset.
Given that XRP is struggling to secure the neutral line at 50 as support, a bearish outcome seems rather likely.
