🔥 XRP Open Interest Shrinks by $1 Billion in 24 Hours – What’s Happening? 🔍
XRP’s Open Interest (OI) in Futures has plummeted by $1 billion within 24 hours, signaling a sharp shift in trader sentiment. Just yesterday, OI surged to $2.9 billion, driven by hopes of a price rally. But with no breakthrough in sight, traders are pulling back, highlighting rising uncertainty in the market.
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What’s Driving the Drop?
1️⃣ Bearish Sentiment: A growing number of XRP traders are losing confidence in the coin’s ability to breach key resistance levels.
2️⃣ Price DAA Divergence: Flashing a sell signal, declining participation and stagnant price action suggest traders may start securing profits, adding pressure on XRP’s price.
3️⃣ Macro Weakness: XRP’s inability to sustain upward momentum keeps it locked in consolidation, deterring further investor activity.
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Current Price Action & Predictions
📉 Last Month’s Decline: XRP’s price has dropped 20%, but it still holds above the $2.00 support level.
🔑 Resistance Levels: The critical $2.73 resistance continues to cap upward movement. Breaking it could ignite a rally toward the all-time high of $3.31.
Bearish Scenario:
If selling pressure persists, XRP risks losing the $2.00 support, potentially driving prices lower and further damaging market confidence.
Bullish Scenario:
If market sentiment improves, XRP could breach $2.73 and aim for a renewed uptrend, signaling a bullish breakout and attracting more traders.
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What to Watch Next
Broader Market Cues: XRP’s recovery hinges on improved macro conditions, particularly Bitcoin’s movement.
Resistance Battle: A clear breakout above $2.73 is key for any significant rally.
For now, XRP remains in a tight consolidation phase. Will it find the strength to bounce back, or is further downside imminent?
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