XRP: Harmonic Structure in play in mid-term?
Updated
Hi Traders!
In the long term the trend is still bearish especially on high time frames, but if we look at the intraday chart, from a technical point of view we do not exclude the formation of a bullish harmonic structure with potential Target 1 around 1.15 area and subsequently 1.40 area. Having said that, if we look at 8H chart, we see resistance area around 0.6983, but if the trend is bullish and our analysis is correct, after first touch and pullback, we expect an important breakout of it.
Trade with care
Like | Share | Comment
In the long term the trend is still bearish especially on high time frames, but if we look at the intraday chart, from a technical point of view we do not exclude the formation of a bullish harmonic structure with potential Target 1 around 1.15 area and subsequently 1.40 area. Having said that, if we look at 8H chart, we see resistance area around 0.6983, but if the trend is bullish and our analysis is correct, after first touch and pullback, we expect an important breakout of it.
Trade with care
Like | Share | Comment
Note
Note
🔴 XRP has clinched the title of the best-performing digital asset among the top 100 by market cap. The token's price soared to $0.7293 after a dramatic 18.9% increase in a 24-hour window. The Ripple-affiliated cryptocurrency has also experienced a surge in trading volume, which has topped a whopping $5 billion.Recent derivatives data reveal a robust bullish sentiment among traders in the XRP market. The trading volume surged by an extraordinary 348.07%, reaching a colossal $5.62 billion. Open interest, which indicates the total number of outstanding derivative contracts, such as futures and options that have not been settled, also saw a notable increase of 30.44%, standing at $1.06 billion. Despite a 46.56% decline in options volume, options open interest climbed by 15.02%. This shows that traders are potentially seeing long-term value in holding XRP options. Among the top exchanges, Binance led with a staggering $366.88 million in XRP futures open interest, followed closely by Bybit with $312.19 million, and Bitget with $157.02 million.
The dramatic increase in XRP's price was not without turbulence since data over various time frames revealed significant liquidations. Within a single hour, $1.02 million worth of positions were liquidated, highlighting the market's volatility and the risks involved in trading XRP futures. A deeper look into a 24-hour period showed $9.95 million in liquidations, with a nearly equal distribution between long positions at $4.86 million and short positions at $5.08 million. This shows a heated market where both bulls and bears faced substantial liquidations.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.