Whale sell-offs threaten XRP’s rally despite bullish forecasts
The post Whale sell-offs threaten XRP’s rally despite bullish forecasts appeared on BitcoinEthereumNews.com.
XRP was trading within a symmetrical triangle at press time. Nonetheless, whales were applying downward pressure through considerable sell-offs, which, in turn, could affect retail investors. While there is a glimmer of hope—marked by a slight 0.92% gain in the most recent daily trading session—the overall indicators suggest that XRP is not yet ready for the much-anticipated surge. This lack of momentum is evident in its recent declines of 5.93% monthly and 2.79% weekly, as XRP bounced off the upper resistance boundary of the triangle pattern. More signs of a rally surfaces XRP has formed a symmetrical triangle on the weekly chart, signaling a potential surge. This pattern is often interpreted as a bullish indicator, suggesting a possible upward market shift as selling pressure diminishes. Adding to this bullish sentiment on the chart is the Chaikin Money Flow, which measures the volume-weighted average of accumulation and distribution over a specified period. It showed that XRP was being accumulated at press time, as it headed for the positive zone. Source: TradingView However, the formation of a symmetrical triangle is not the sole bullish signal. Further analysis revealed that retail investors were actively contributing to the likelihood of a rally. Retailers are a major force for XRP’s rally Retail investors are demonstrating significant confidence in XRP, as evidenced by positive trends in both the Funding Rate and Open Interest across various exchanges, according to data from Coinglass. A positive Funding Rate indicated that traders in long positions were paying a fee to those in short positions. This scenario typically suggests that the Futures contract price is exceeding the spot price, highlighting strong demand for long positions. Source: Coinglass Moreover, the Open Interest has shown a positive uptick, with a notable 1.15% increase in the past 24 hours. This trend indicated that an…
Filed under: News - @ September 13, 2024 12:26 am