Trading in a classic falling wedge pattern for several months, Rippleโs native XRP coin is now closing out the short range, which usually summons big price fluctuations. Today, Rippleโs XRP responded to Bitcoinโs 2.5% backtrack from the weekly heights of $111K with a quick 3% drop below $2.25, a key level for XRP bulls this week.
These XRP Price Levels Promise Heavy Action
However, popular market watchers such as the French trader โYโ, expect the short-selling XRP traders, otherwise known as crypto bears, to retreat if Rippleโs coin manages to reclaim $2.35. In contrast, a drop below $2 would likely be infused with stronger selling power, while the next major support in this case arrives at approximately $1.60.
So, are XRP bears really on borrowed time? DailyCoinโs research team took a deeper dive into the Derivative marketโs current sentiment surrounding Ripple (XRP) coin. Intriguingly, a staggering $7.60M in 24-hour liquidations on leveraged XRP price plays were longs, while short-sellers lost just $352K in comparison, according to CoinGlass data.
Whatโs striking is that Binance & OKX customers are mostly bullish on XRP coinโs upcoming price trajectory, but the overall long versus short ratio across markets still points to the bearish side at 0.90. Recently, XRP coin landed on the Chicago Mercantile Exchange (CME) & Coinbase Perpetuals, comfortably boosting the coinโs trading volumes.
At roughly $5 billion per day on speculative markets, Rippleโs bears are outsourcing and outnumbering the believers, otherwise known as XRP bulls. However, the upcoming SEC decision on Ripple exchange-traded funds & other legal wins could flip the script completely.
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A falling wedge is a bullish chart pattern where the price drops within narrowing downward lines, often signaling a breakout upward, as XRPโs recent escape suggests. But, markets can fake out, so watch for confirmation above key resistance like $2.35 to avoid a trap.
Bulls are traders who expect prices to rise, buying to profit from the uptrend, while bears predict price drops, often selling or shorting to gain from declines. XRPโs falling wedge breakout has bulls hyped, but bears could push back if support at $2.25 fails.
XRPโs climb past the falling wedge looks bullish, with some analysts eyeing $20 or higher, but a bear trapโwhere prices briefly spike then crashโcould hit if it drops below $2. Stay alert for high volatility, as bears might try to keep control for longer.
X posts are buzzing with talk of a โbullish bat patternโ and targets like $20-$25, driven by XRPโs breakout and Rippleโs strong market infrastructure. Still, over-hyped predictions can mislead, so always cross-check technicals before jumping in.
The breakout signals potential for gains, with some calling for $5 or more, but a bull trap near $2.95 could shake out overeager buyers. HODL if youโre in, but only invest what you can lose, and keep an eye on support levels like $2 & $1.60.
