XRP – Decoding KEY indicators every trader should watch now!
Main Idea
XRP is currently navigating a critical support zone around $3, with traders debating whether the recent dip is a healthy reset or a sign of overheating, as key indicators suggest mixed signals for future price movements.
Key Points
1. XRP is down almost 7% from its recent high of $3.40, with $2.95 acting as a key support level.
2. On-chain data shows XRP remains vulnerable as traders reset positions, potentially reducing short-term upward momentum.
3. The NVT ratio is currently at 117, indicating less panic compared to its peak of 167 during the previous rally.
4. Open Interest in derivatives stalled at around $8.5 billion, suggesting a more controlled trading range without leverage overload.
5. A break and hold above $3.30 could set XRP's next target at $3.60, but profit-taking pressure has been cooler this time compared to previous rallies.
Description
Unpacking XRP trader dilemma: Healthy reset or overheated blowoff?
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