XRP has been consolidating for a month, and the future rise is uncertain! Huge amounts of capital withdrawing, is the market outlook bleak?
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Recently, XRP has been consolidating near a key resistance level for over a month, leading to a decline in investor confidence. The prolonged stagnation in the altcoin market has left traders feeling frustrated, with many choosing to exit due to XRP's failure to break through resistance.
Open interest plummets: market sentiment turns pessimistic
Recently, the open interest in XRP futures dropped dramatically by $1 billion within 24 hours. The day before, it had surged to $2.9 billion amid expectations of a rebound, but as those expectations faded, capital began to withdraw in large amounts. This sudden withdrawal reflects the increasingly severe bearish sentiment in the XRP market.
Consolidation continues, falling below support may exacerbate selling
The price of XRP has dropped by 20%, yet it remains above the $2.00 support level. Nevertheless, it is still below the critical resistance level of $2.73. If bearish sentiment persists, XRP may break below the support level, further exacerbating the selling pressure in the market and weakening investor confidence.
Analysts optimistic about XRP's future: breaking through resistance will take time
However, not all analysts are pessimistic. Some analysts believe that the consolidation phase of XRP may bring about a rebound opportunity. Dark Defender, an analyst, mentioned on social media that XRP is going through a correction phase, which is expected to complete in the next 10 days, after which it may break through the $2.73 resistance and challenge the historical high of $3.31. He also pointed out that XRP may aim for a target of $8.67, but this requires completing the correction first.
Long-term bullish: XRP is expected to see significant increases
In addition, crypto analyst Egrag predicts that XRP's price will reach $15 before May 5, 2025, expressing a bullish outlook on XRP's future trend. Although it may face some consolidation in the short term, the long-term target remains worthy of attention.
XRP's current market performance is filled with uncertainty, and it may continue to face pressure in the short term. Investors need to pay attention to whether it can maintain the $2.00 support level and break through the $2.73 resistance. From a long-term perspective, XRP is still expected to see significant increases after completing the correction, with a target that could reach as far as $15.
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