XRP's Wyckoff Setup and 142% Monthly Open Interest Surge Hint at Next Move
Main Idea
XRP is consolidating within a Wyckoff structure, with key support and resistance levels indicating potential for a bullish phase, while open interest surges signal strong market sentiment.
Key Points
1. XRP is consolidating within a Wyckoff structure, with key support at $2.58–$2.78 and resistance at $3.60, potentially leading to a markup phase targeting $4–$6.
2. Heavy volume around $3.34 suggests strong institutional accumulation, indicating potential for a significant price movement.
3. XRP's open interest has surged 142.97%, reflecting a bullish shift in market sentiment and potential for a breakout.
4. A decisive break above $3.60 could trigger a new bullish phase, with $5 and $10 as potential targets.
5. The current consolidation aligns with a classic Wyckoff accumulation phase, where institutional players build positions before a markup.
Description
Is XRP Witnessing the Calm Before the Storm? Following a 40% July rally, XRP is consolidating within a solid Wyckoff structure. Key support sits at $2.58–$2.78, with $3 as a crucial pivot and $5 in sight, according to market analyst Jojo Crypto. He added , “If XRP maintains the $3 level, a new bullish phase may be underway. Is $5 next?” The Wyckoff structure is a classic framework used to spot accumulation or distribution phases that often precede major price moves. It outlines distinct phases a...
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