Seasoned crypto investors are positioning themselves for a potentially hawkish Fed chair stance, which could deliver another blow to the general crypto market.
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Egrag Crypto just shared their 30-minute time-frame on XRP, allocating fundamental accumulation pockets in case “XRP gets the hawkish surprise”.
Fed Chair Kevin Warsh is anticipated to arrive at the post-decision press conference at 2:30 PM Eastern Time.
Fed Rate Hike’s Serving a Huge XRP Accumulation Area
“Volatility creates opportunity”, said the seasoned crypto market charterer. The 30-minute candlesticks offer a multi-layered projection on the accumulation zones, starting with $1.26 – $1.30, the one XRP’s price is inside now.
The French crypto technician went on to say that a downward move is to be expected. “A sharp downside move could create an opportunity, not necessarily a reason to panic.” This puts the main accumulation zone below the green line of $1.25, all the way to $1.15.
Previously, XRP’s price has successfully retested a lower-tier accumulation area below that, going from $1.15 to $0.95. However, this time it could be avoided if XRP’s bulls pick up the pace before a sub-$1 plunge. With $26.9 million of longs liquidated, shorts incurred just $3.59M.
As long as XRP’s bulls keep the Open Interest (OI) weighted funding rate positive, they shall be able to orchestrate a comeback towards $1.40. Whilst Binance’s bullish customers now double the short-sellers, the same can’t be said for the general long versus short ratio.
The sentiment flipped to bearish at 0.9581 in anticipation of a Fed rate hike on Wednesday evening.
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