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Home»ALTCOIN NEWS»XRP rises 22% as Bitcoin breaks ATH, but the decline is as follows:
ALTCOIN NEWS

XRP rises 22% as Bitcoin breaks ATH, but the decline is as follows:

By Crypto FlexsMarch 12, 20242 Mins Read
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XRP rises 22% as Bitcoin breaks ATH, but the decline is as follows:
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  • XRP recorded a huge rally as Bitcoin hit a new all-time high.
  • Caution on XRP strength was warranted based on pockets of liquidity.

Ripple (XRP) bulls came to life on March 11th. They rose 22.37% in price to $0.744, opening the day at $0.608 before selling activity pushed the price back below $0.7.

The token has exceeded AMBCrypto’s expectations stated in a recent report, which predicted a rise to $0.7. More than that has been gained, but questions have also been raised about whether demand is sustainable.

Is rejection in progress now?

Ripple 1 day chart

Source: XRP/USDT on TradingView

It broke the high of the $0.7 range on the 11th, but the bulls were unable to defend this level as support. This was similar to the price action seen in early November, when a quick rally against $0.7 resistance was followed by a quick rejection.

OBV remained at a high level after breaking through the July high, which was encouraging. A continued increase in buying volume could stem the decline, but it is unclear whether this optimistic outlook will be maintained.

Instead, now that liquidity just above $0.7 has been swept away, it could start to move south towards $0.64 or $0.52-$0.54. Prices gravitate toward liquidity, and despite strength in the altcoin market, XRP has lagged.

A surge in open interest has fueled speculative activity.

Ripple Coin Analysis IndicatorsRipple Coin Analysis Indicators

Source: Coin Analysis

As the price of XRP rose, open interest followed suit. It rose from $600 million to $830 million, and spot CVD prices also hit higher. However, the latter indicator continued its previous downward trend.


Is your portfolio green? Check out our XRP Profit Calculator


This was bad news for the bulls. This showed that the rally was driven by the futures market and was driven by liquidity, not actual demand.

Therefore, a retracement to the $0.64 and $0.54 support levels may follow.

Disclaimer: The information presented does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.

Next: After Solana, this AVAX memecoin rises 15% in 24 hours.

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