XRP’s September entrance marks a critical junction. After dipping its toes in the lows around $1 last Summer, the OG altcoin surged to $1.70 before backtracking to $1.35. Now, much depends if XRP’s price sustains above the mid-tier Bollinger Band (BOLL) at $1.40.
XRP’s Hopping Through A Key Price Barrier
The immediate resistance sits between $1.41 to $1.43, according to the one-hour candlesticks. Currently trading at $1.45, XRP’s near-term target now hovers at $1.97. This level coincides with the Red-Label Bollinger Band (BOLL), a level taking XRP back to January levels.
If XRP price goes downward, there’s a massive support floor at $1 extending all the way to $0.84.
Seasoned market analysts have been putting the target at $2, with trader Ali Martinez indicating a major demand zone between $1.31 to $1.38, where crypto whales have previously acquired a whopping 4.8 billion tokens. With the Fed switching their stance to dovish, this support line holds tight so far.
65% Volume Uptick Shows Risk-On Appetite
The futures markets have also been intense. The daily trading figures suggest a 65% volume spike since yesterday, now topping $6.18 billion in leveraged trading volume. Open Interest (OI) has also surged 8.38% to reach $3.34 billion, per CoinGlass’ real-time data. Bears, otherwise known as short-sellers, have been beaten hard.
They accounted for more than $9 million in XRP price liquidations over the past 24 hours, while bulls took in a $2.38 million liquidation due to excessive leverage. The bullish energy spilled onto the OI-weighted funding rate, as short-sellers continued to pay for XRP bulls’ positions.
On the other hand, there’s still a stretch to go in order to reclaim the August 21-22 levels, when XRP’s price traded beyond the exact resistance line. If the $1.45 XRP price level is sustained, the bullish implication remains crystal-clear.
Otherwise, a bull-trap could be in place as the market sentiment remains on the greedy side.
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