XRP prints an asymmetric triangle on a daily chart and is a technical pattern related to powerful momentum. If it is broken under this technology setting and the demand for XRP futures decreases, the start of the retreat can improve to $ 1.50.
OI reduction supports the shortcomings of XRP
US President Donald Trump’s tariffs on imports of Canada and Mexico still expired, and still delayed the implementation, and the XRP (XRP) still fell with a wider encryption market on February 25.
The price of XRP responded negatively to the news, and it was traded at $ 2.13 at the time of writing, with 22%of its value on February 24 and February 25.
The possibility of falling in Altcoin has been supported by reducing public interest (OI) according to CoingLass data.
The chart below shows that the XRP Open interest has decreased by 20% from $ 3.6 billion on February 24 to the current level of $ 29.3 billion, and lasts on January 3rd.
XRP public interest. source: Coinglass
Historically, the significant decline in OIs gained priority over the main decline in XRP prices. For example, the current scenario decreased by 43% from $ 3.13 on January 31 to 43% on February 3, from January 31 to reflect the decline in XRP prices when Trump first announced tariffs in early February.
On the other hand, the XRP financing rate was reversed at -0.0003%at 0.0077%on February 24th, indicating that the pressure on the weakness rose.
XRP funding rate. source: Coinglass
The financing fee is a fee exchanged between merchants in a permanent futures contract to keep the contract price close to the spot price of the basic assets.
If the financing fee is positive, the trader in charge of long positions pay a fee to a trader with a short position. When the rate is negative, the short trader pays a long trader.
According to CoingLass’s additional data, it can be seen that the XRP location has been cleared over $ 57.6 million compared to $ 47 million in the last 14 hours.
XRP liquidation of all exchanges. Source: COINGLASS
When a long position is cleared, a strong merchant must sell his position. This sudden sales accelerate the drop by applying pressure on the price.
Available XRP chart is a hint of $ 1.50
The XRP/USD pairs are set to expand the amount of general bare rish exercise that saw something broken under the multi -asymmetrical triangle.
The price behavior of XRP between December 1 and February 24, 2024 formed an asymmetric triangle pattern on the daily chart as shown below.
The price was $ 2.45 on February 24th, divided below the triangular trend trend line. In addition, the support of $ 2.41 of a simple moving average (SMA), which is a simple 100 -day move, is lost, showing the beginning of a huge downward breakout.
The target is set according to the distance between the lowest and highest score of the triangle, and about $ 1.50, which is about 30%in the current price.
XRP/ USD daily chart with asymmetrical triangle patterns. Source: COINTELEGRAPH/TradingView
Some analysts cited chart technology and major support levels to predict additional losses for XRP.
The encryption analyst, EGRAG Crypto, shared pessimistic predictions on XRP, and said that the triangle of the triangle for 12 hours said that the XRP price could test the $ 1.61 area.
XRP/USD 12 -hour chart. source: egrag crypto
Fellow analyst KwantxBt said that the support of $ 2.00 is important to XRP, “XRP will open the path to $ 1.80.”
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.