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Ripple rescue? XRP above $2.50 - hope after flash crash!
XRP above $2.50 after flash crash: Analysts warn of bearish sentiment and uncertain market developments.
Ripple rescue? XRP above $2.50 - hope after flash crash!
Ripple (XRP) crossed $2.50 on Monday, offering slight relief after an aggressive selling event the previous week. How FXStreet reports, this increase should be seen against the background of current macroeconomic tensions and uncertainties, which were primarily triggered by comments by US President Donald Trump on the trade situation with China.
Trump is considering imposing additional tariffs on China, leading to plans for export restrictions on rare earths. These developments created significant selling pressure in the markets and led to a so-called flash crash that surprised many traders and led to massive liquidations.
Crypto market and XRP futures
The negative market sentiment led to investors taking more short positions. Data from CoinGlass shows that XRP futures open interest (OI) fell to about $4 billion, down from $8.36 billion on Thursday. The OI-weighted funding rate continued to deteriorate and fell to -0.2045%, severely denting traders' confidence in XRP's sustained recovery.
- Die OI-gewichtete Finanzierungsrate liegt nun im Durchschnitt bei -0,0005%.
- Der XRP handelt derzeit über der wichtigen Marke von $2,50, bleibt jedoch unter dem 200-Tage Exponential Moving Average (EMA) bei $2,63.
- Der Relative Strength Index (RSI) liegt bei 38 und hat sich von überverkauften Bedingungen erholt.
A daily close above the 200-day EMA could confirm a bullish bias. Other necessary resistance levels include the 100-day EMA at $2.82 and the 50-day EMA at $2.85. Additionally, the Moving Average Convergence Divergence (MACD) shows a sell signal that was triggered on Thursday.
Market assessment and outlook
The overall bearish sentiment in the crypto market could continue, which could further hinder XRP's recovery. The increasing pressure from macroeconomic developments is causing many traders to act cautiously.
Overall, the situation for XRP and the crypto market is very tense and it remains to be seen how the situation will develop, especially from foreign policy factors and market reactions to US trading strategies towards China.