Ripple (XRP) is under pressure. Although the race is still strong above $ 2 for the time being, XRP has been in a predominantly Bearish climate for weeks, and Shorters dominate the derivaten market. Traders seem to have little confidence in an upward recovery for the time being, and the technical indicators give little reason for optimism.
Shorters remain dominant
According to data from Coinglass, the Long/Short ratio for XRP is 0.9205. This means that there are more short positions than lung positions: a clear signal that Traders are more likely to use a fall than on an increase. That ratio has been under 1 for almost two weeks. Although the open interest has fallen by 1.92%, the derivatives volume increased by 35% to $ 3.28 billion. The trade therefore remains intensive, but in Bearish direction. But what does this mean for the course?
Important support on $ 2
The picture is clear in the long term. XRP has been in a wide channel for months with an upper limit of $ 3 and a lower limit of $ 2. These are the long -term levels. It is more interesting in the short term. XRP is in a close channel between $ 2 and the strong resistance level of $ 2.30.
The level of $ 2.15 is the center line of the channel. In recent months, this level has acted as support and resistance several times. Bulls currently seem to step around around this level. XRP records an increase of 1.35% and currently acts at around $ 2.18.
If the bulls are in the short term momentum, a new attack can be expected at $ 2.30. A breakthrough under $ 2.15 could lead to a test of support around $ 2. The Bollinger bands are also narrowing, which indicates an impending major price movement. So there may be fireworks waiting for us. It is impossible to say which way this movement will be.
Source: https://newsbit.nl/ripple-xrp-shorters-houden-controle-wat-gaat-de-koers-doen/
