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XRP peaked at $2.12 a few hours ago. The current price indicates a change trajectory as the upward momentum wanes.
Nonetheless, the current candle remains green but suggests a slight increase in selling pressure. The asset is exhibiting the same trend as the rest of the market. It is surprising as investors expected a significant uptrend in the coming days.
One of the feats they wanted was XRP flipping the $2.30 resistance. However, prices remain below it, marking the third week in a row without breaking it. Several factors are responsible for the current price action, hindering a significant uptick.
Traders remain cautious about price direction, as the market has repeatedly been bearish despite their expectations of better performance. It is one of the many factors affecting the altcoin and other cryptocurrencies.
The derivatives market reveals a grim reminder of why investors remain cautious. They lost over $288 million, with bulls accounting for almost 60% of those losses. However, they lost $4.50 million on XRP, and the bulls made up over $3 million in rekt capital.
This market has influenced prices for an extended period as the spot market weakened. The effect remains significant, as the liquidation map reveals another reason the coin failed to surge.
A closer look at the chart above reveals a cluster of liquidations at $2.20. Since losing the mark last week, traders opened shorts, leading to the clusters at the mark. The bears have since staged selloffs whenever attempts are made to flip the mark.
The liquidation at $2.29 is more robust, explaining the failure to break above that mark since Nov 17.
Away from the derivatives, the spot market is seeing in deposits into trading platforms. The exchange reserves are slightly increasing as a result. It also means the asset is experiencing significant selling pressure in spot markets.
Nonetheless, while these factors reflect notable bearish dominance, the exchange-traded funds tied to XRP continue to see inflows. As of Friday, it saw a net influx of more than $10 million, extending the streak.
XRP is trading at $2.07 at the time of writing as the upward momentum wanes. While it still prints a green candle, it is worth noting that fears of further declines remain high.
Amid growing concerns, Ripple’s CEO took to X to express his excitement about how XRP ETFs are performing. Interestingly, his comment barely affected prices, in contrast to previous reactions when he posted about XRP.
The bulls continue to show signs of exhaustion after the notable surge two weeks ago. Nonetheless, reflecting on the reactions to Brad Garlinghouse’s comment suggests that the asset will not flip to $2.30 if the current conditions persist.
Investors are banking on the FOMC decision to seal an uptrend to this level. It may be the only fundamental that could trigger the expected hike this week.
Nonetheless, the 1-day chart paints a lower chance of a flip. It is worth noting that bollinger’s middle band has mostly served as resistance, and surges above it have been short-term. There is no indication that the trend is changing.
However, MACD reversed its bearish convergence as buying pressure returned. It remains to be seen whether this heralds further price increases.
The post Here’s Why XRP Has Failed to Break $2.30. When Will the Flip Happen? appeared first on CoinTab News.
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