XRP holds support at $3 amid a bearish derivative market: check forecast
Main Idea
XRP maintains support at $3 despite a 3.6% drop amid broader crypto market correction, with potential for a rally if market conditions improve.
Key Points
1. XRP is down 3.6% but continues to trade above the $3 support level.
2. The negative performance comes ahead of Tuesday's CPI inflation data, which could influence Federal Reserve policy.
3. XRP's open interest (OI) dropped 9% to $7.9 billion, and funding rates decreased, indicating more short positions and shrinking market activity.
4. If the $3 support holds, XRP could rally past the $3.66 high; failure to hold may see it retest the $2.39 support level.
5. Market neutrality is suggested by an RSI of 50, while MACD lines remain positive, indicating potential for a breakout.
Description
XRP, the native coin of the Ripple blockchain, lost nearly 4% of its value in the last 24 hours as the broader crypto market underwent a correction. Bitcoin has dropped below $119K while Ether maintains its price above $4,200. The bearish performance comes ahead of this week’s crucial inflation data. XRP has held its price at a crucial support region, which could serve as a springboard for a possible breakout. XRP holds price above $3 XRP is currently trading at $3.15 after losing 3.6% of its va...
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