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XRP Price Faces $2.14 Test Amid Rising Bearish Pressure
- XRP faces a test around $2.14 amidst increasing bearish pressure, currently priced at $2.23 after a slight 1.5% decline.
- The token recently faced rejection near the crucial 0.5 Fibonacci level of $2.5444, indicating bearish pressure overwhelming bullish attempts.
- On daily charts, XRP broke out of a falling wedge earlier this month, reaching a local high of $2.60 before pausing near the 50% Fibonacci retracement level.
- XRP is now targeting the 0.236 Fib level at $2.1455, a significant support level aligning with the short-term 20-day and 50-day EMAs at $2.26 and $2.57 respectively.
- Further support levels below this include the 100-day and 200-day EMAs at $2.09 and $2.00.
- The MACD indicator shows initial signs of a bearish crossover as uncertainty increases with potential downside momentum if the support zone is not sustained.
- A bullish reversal could occur if XRP consolidates above $2.14-$2.20, targeting levels between $2.60-$2.76, else a break below the 0.236 Fib level might push the price towards $2.00 and lower.
- In derivatives markets, XRP shows a bearish sentiment with trading volume down by 5.8% to $4.46 billion, and open interest decreased by 6.21% to $4.13 billion.
- The long/short ratio for XRP is currently below 1 at 0.8893, illustrating a shift in sentiment with more traders taking short positions.
- Liquidation data indicates $8.73 million in long-position liquidations in the last 24 hours, mainly affecting over-leveraged bulls and contributing to a defensive market stance.
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