XRP Bulls Crave For $2: They Got To Clear The Traffic First

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.

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.

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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