Main takeout:
The XRP (XRP) price is solved in a low time time, and the warning signal is flashing, consistent with large -scale liquidation and reducing open interest.
The XRP H & S pattern hints the price of 14%
The XRP price behavior was expected to be down nude by forming a head & shoulder (H & S) pattern on the 4 -hour chart since May 9th.
The head and shoulder pattern is a weak reversal pattern that shows changes in the trend. It consists of 3 peaks: higher peaks (heads) and 2 lower peaks (shoulders).
When the price is broken below the neck line (the line that connects the lowest line on the left and right shoulders), it is solved when the pattern checks the pattern and suggests a potential sales signal.
In the case of XRP, the pattern was verified after rest and closed below the neckline for $ 2.33 during the early Asian trading time on May 19.
If the price stays under the neckline, the XRP/USD pairs can be slipped to $ 2.25 (the 200 -day simple moving average). As a result, total losses appear at 14%at the current level.
As reported by COINTELEGRAPH, as the optimistic momentum decreases, the decrease is currently in progress.
In the case of the analyst egrag crypto, the XRP price must “own” the $ 2.30 support that matches H & S Neckline to avoid failure to these objects.
relevant: The XRP price route of $ 3.40 remains.
Analysts shared a chart that showed that a decline of less than $ 2.30 could cause a large -scale selling, and the initial goal was about $ 2.15 and lowered to $ 1.60.
XRP has reduced $ 1 billion in 5 days.
XRP Open Interest (OI) has decreased to $ 4.44 billion, down 18% over the last five days. The decrease in the OI signal reduced the price due to the reduction of traders’ trust and liquidity.
The latest shortcomings of XRP Price have been laid out for the past day, and the long -range position of $ 12 million has been forced to be closed compared to $ 1.4 million shorts.
This reflects the increase in sales pressure as the price decreases as the strong merchants must sell.
Importantly, over the last 24 hours, the 3% decrease in XRP has increased by 70% to $ 4.1 billion. If the volume of transactions increases due to the price drop, it can be interpreted as a Bearish Momentum increase or relocation of Crypto Traders when waiting for the next movement of the XRP.
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.