Xrp Price Range Bound Amid Increasing Bearish Pressure Below $1.44

(MENAFN- Crypto Breaking) XRP price is range bound amid increasing bearish pressure below the $1.44 resistance area as $1.30 support and derivative data set expectations for the market.

XRP is trading at $1.4162 as the coin failed to rise above the $1.44 resistance area.

$1.30 is an important support level, while $1.50 and $1.60 are major resistance levels. Futures volume rose by 10.34% to $3.94 billion as open interest fell by 1.44% to $3.32 billion. Total long liquidations amounted to $13.69 million out of $14.16 million in 24-hour liquidations.

Xrp Suffers Another Selloff

XRP still faces selling pressures as the recent recovery struggles against resistance. Based on the technical analysis provided, CRYPTOWZRD pointed out that the recent daily candle of XRP is considered bearish after rejecting the $1.4400 level. The price stood at $1.4162, which saw a decline by 2.53%.

The rejection has brought focus back to the immediate support and resistance levels of XRP. Even though XRP was able to recover from its lows, it seems there is not enough buying pressure to sustain a further recovery. $1.30 serves as immediate support, whereas $1.60 acts as a resistance level for XRP.

Technical Structure Still Within Bounds

Looking at a larger time frame on XRP, there is a long bearish move that saw the crypto fall from above $2.50 to $1.00 levels through a bearish trend line connecting lower highs. This came after continuous selling pressure took XRP close to the $1.00 region, where the crypto stabilized.

The quick recovery in August saw the price rebound to $1.50 and the reclamation of $1.30 levels. However, fresh selling toward higher levels did not allow the price to form a strong bull market.

The recent rejection of the $1.44 level still makes the intermediate resistance level valid. A solid hold above $1.30 will ensure the existing technical structure holds and may enable another recovery move. Below this support, XRP will face even more pressure.

Above $1.50 would suggest an increase in buying momentum, while breaching $1.60 would mark a stronger shift in the market structure.

Derivatives Trading Implies Continuing Market Participation

XRP derivatives show a rise in futures trading along with a drop in open interest. Futures volume increased by 10.34% to reach $3.94 billion, while open interest dropped by 1.44% to $3.32 billion.

This information implies a growing turnover of positions as some positions have been closed out. At the same time, the numbers alone cannot say whether the market is preparing for a bullish breakout or bearish continuation.

Options trading was another story. The volume of options dropped by 39.68% to $3.29 billion, while open interest in options increased by 1.08% to $69.87 million.

The overall 24-hour long-short ratio was around 0.8997. Exchange-specific ratios were higher, namely 2.54 at Binance XRP/USDT and 3.19 at OKX.

Lengthy Liquidations Indicate Bearish Pressure

Information about liquidations also suggests bearish pressure against bullish bets. Total daily liquidations amounted to around $14.16 million, while $13.69 million came from long positions.

In the 12-hour timeframe, liquidations stood at $5.03 million, of which $4.78 million originated from long positions. The figures above indicate that bets in favor of rising prices bore the brunt of the liquidations.

In general, XRP seems stuck between attempts at recovery and bears trying to drive the cryptocurrency lower. For now, investors will have to watch support at $1.30 and resistances at $1.44, $1.50, and $1.60 for possible directional breakout.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links.

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