Bulls Vs Bears: XRP Price Gears Up For Big Squeeze, Which Side Will Prevail?
2023年10月11日 - 10:00PM
NEWSBTC
The XRP price has experienced a lot of volatility in the first two
weeks of October, in contrast with previous months. This trend will
continue as a critical metric hint at a potential “short squeeze,”
a price move set to take liquidity from long or short positions.
Related Reading: XRP Price Retest: A Prelude To A Stunning Surge To
$2, Predicts Expert As of this writing, the XRP price trades at
$0.48 with a 2% loss in the last 24 hours. The cryptocurrency
recorded a 9% loss in the previous seven days and operated as the
worst performer in the top 10 by market cap, closely followed by
Solana (SOL). XRP Price Sets Trajectory For Short Squeeze? The
crypto market has been experiencing a spike in volatility since
October. Following months of sideways movement by Bitcoin and
Ethereum, the XRP price broke the trend and ignited new life into
the nascent sector. The spike in volatility was recorded when the
US Securities and Exchange Commission (SEC) lost its case against
payment company Ripple. A US Judge favored the company and deemed
the XRP token outside of securities laws in the country. This event
propelled XRP to fresh yearly highs, but the cryptocurrency has
been losing some steam. Uncertainty in the crypto market remains
high, and any individual bull run seems likely to lose power, as
demonstrated by XRP’s latest price action. However, the current
status quo is fragile, and fresh data indicates an aggressive move
is in the making. A pseudonym analyst shared the chart below,
showing the spike in the Bitcoin Open Interest. The analyst claims
that the metric stands at a critical point that often leads to
sudden moves in the price of Bitcoin, XRP, and other
cryptocurrencies. In the short term, this spike in volatility could
lead the XRP back to critical support levels. However, the most
likely scenario is that the Short Squeeze, the sudden spike in
volatility, operates as a tool for prominent market participants to
take liquidity off both sides, longs and shorts. Crypto Poised For
Downside Price Action On higher timeframes, the crypto market and
more prominent cryptocurrencies could become an obstacle to any
upside on XRP. According to another analyst, the sector is gearing
up for a significant move to the downside. The analyst bases this
theory on the upcoming Bitcoin Halving. This event has a profound
impact on all other cryptocurrencies, and right now, BTC is at a
critical point in which historical data points to a deep retrace
back to around $20,000. If BTC follows this trajectory, XRP could
return to its pre-SEC victory levels. However, this downside price
action might provide bulls with the “perfect” opportunity to
accumulate before an overall bull run unleashes its force on the
nascent sector. Related Reading: Legendary Investor Declares Now Is
The Time To Buy Bitcoin: Here’s Why As News reported, historical
data also points to a great performance for XRP in the year’s
second half. The cryptocurrency enjoys a 30% return on investment
(ROI) during this period. Cover image from Unsplash, chart from
Tradingview
Ripple (COIN:XRPUSD)
過去 株価チャート
から 9 2024 まで 10 2024
Ripple (COIN:XRPUSD)
過去 株価チャート
から 10 2023 まで 10 2024