Will XRP Price Stay Bullish? Targeting $1 As XRPL TVL Plunges
The post Will XRP Price Stay Bullish? Targeting $1 As XRPL TVL Plunges appeared on BitcoinEthereumNews.com.
XRP price is setting a new footing as it continues with the bullish leg during the Asian session on Monday. Interest in the cross-border money remittance token is rising, especially with open interest and derivatives volume increasing concurrently. XRP Price Market Movers: Open Interest, Volume and XRPL TVL XRP price will likely retest $0.6 resistance in the American session if support at $0.58 holds. Several factors back the bullish outcome, including major increases in the futures open interest by 1.62% to $649 million, volume by 113% to $1.64 billion, and a staggering 212% to $2k in the options volume, Coinglass data revealed. The surge in XRP futures and options volumes and OI signals heightened market activity and volatility. This could indicate increasing investor interest and immense potential for significant Ripple price movement. For these factors to remain bullish, buyers must control prevailing market sentiment in their favor. XRP futures market data | Coinglass The XRP Ledger (XRPL) dramatic decentralized finance (DeFi) total value locked (TVL) decline from $13.2 million to $260k is a bearish signal for XRP, as per Defi Llama. Note that reduced DeFi activity can dampen investor sentiment and potentially lead to a slump in demand for XRP. It may exert downward pressure on the XRP price unless offset by other positive factors like a stronger technical macroeconomic structure. Ripple DeFi TVL | Defi Llama Ripple Price Analysis: Bulls Take Control XRP price is inching closer to breaching $0.6 resistance. The token sits on support at $0.58 with a descending trendline providing additional support marginally below. It is worth noticing that XRP breaking $0.64 could ignite a rally toward $0.7, boosting overall optimism. The Moving Average Convergence Divergence (MACD) reinforces the bullish thesis with a buy signal and holding above the neutral zone. Green histograms toward the positive region…
Filed under: News - @ August 20, 2024 2:14 am