The post XRP’s Rising Volatility Threatens Sellers Near $1.50: Can Bulls Sustain the Momentum? appeared first on Coinpedia Fintech News
With Bitcoin price now aiming for a recovery above $80K, the altcoin market is pumping again. As a result, XRP is seeing increased market activity, with short-term traders now betting heavily around the $1.5 zone. Additionally, several on-chain indicators now point toward a breakout from the current consolidation. If this happens, the XRP price could be pushed toward January’s high.
XRP Faces Tough Battle Below $1.5
XRP has been experiencing intense volatility over the last few hours. The supply range at $1.5 is creating strong bearish waves, limiting any recovery since Monday. Data from Coinglass shows that XRP’s total liquidation has touched $17 million in the last 24 hours. Of this, buyers liquidated heavily after facing resistance above $1.5, amounting nearly $10.4 million.
Interestingly, the Senate Banking Committee’s May 14 review of the CLARITY Act could trigger short-term XRP price swings if it strengthens XRP’s status as a commodity. As XRP’s market volatility surged, it was accompanied by increasing open interest. CryptoQuant data shows XRP open interest rose to about $475 million, above the 30-day average of $441 million. Analysts say this signals stronger investor activity as XRP hovers below $1.5.
Also read: XRP Price Enters Key Resistance Zone—Can a Breakout From Here Trigger a New All-Time High Rally?
The percentage of XRP wallets holding unrealized profits also rose to about 65% on Thursday, compared to 63% the day before. XRP has also seen strong ETF activity over the last few days.
On Thursday, ETF inflow hit almost $19 million after a short slowdown the day before. Interest in these ETFs has remained solid overall, with total inflows increasing from $1.36 billion to $1.37 billion. At the same time, the total value of assets rose to an average of $1.25 billion, up from $1.14 billion. It creates a strong potential for XRP to charge toward $2.
What’s Next for XRP?
XRP price has been hovering within a tight range after facing multiple resistance at $1.5. However, it shows that buyers are still holding their positions, expecting the price to break higher. As of writing, XRP trades at $1.4, declining over 1.8% in the last 24 hours.
If XRP moves above the downtrend line, the XRP/USDT pair could climb to $1.6. Sellers will likely try hard to stop the price at that level because a move above it could signal the start of a new upward trend. If that happens, XRP could then rise further toward $2.
On the other hand, if the price falls below the moving averages, it would suggest that buyers are losing confidence. In that case, XRP could drop to around $1.25, where buyers may step in again.
The RSI level hovers below the midline at level 48. Though it suggests minor bearish control, buyers are actively defending the immediate SMA levels.
The post XRP’s Rising Volatility Threatens Sellers Near $1.50: Can Bulls Sustain the Momentum? appeared first on Coinpedia Fintech News
With Bitcoin price now aiming for a recovery above $80K, the altcoin market is pumping again. As a result, XRP is seeing increased market activity, with short-term traders now betting heavily around the $1.5 zone. Additionally, several on-chain indicators now point toward a breakout from the current consolidation. If this happens, the XRP price could …
This articles is written by : Nermeen Nabil Khear Abdelmalak
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