XRP Futures Hit $21.62B as Price Nears Critical $1.81 Level
Key Takeaways:
- XRP futures volume across exchanges hit a monthly high of $21.62 billion.
- Price dropped 7.87% to $1.79 amid technical setup signaling further downside.
- Analysts point to a potential final correction before a breakout to new highs.
XRP is seeing high levels of trading activity, with its trading volume on futures rising to a record high of $21.62 billion, as revealed by market observer Ali.
This volume spike is happening at a time of increased volatility, with the price down 7.87% at $1.79. The volume surge is an indication that traders are heavily positioning for a big move, either waiting for additional downside or for a bounce off key levels of support.
It has attracted notice in crypto circles as $1.81 is now the pivotal level, with failure here potentially opening the doors for another downtrend, amplifying any near-term death cross momentum.
Market response seems consistent with overall consolidation patterns across altcoins as high leverage and macro uncertainty remain at the center of price activity.
XRP Nears Completion of Wave 2, Eyes Explosive Wave 3 Move
Technical analyst CasiTrades is of the view that XRP is in the last portion of its corrective Wave 2, pointing out that the price has just been rejected at the perfect textbook subwave 2 target level.
According to her, such rejection was TA perfection that heralds the beginning of subwave 3, the most abrupt and decisive movement in the structure.
As per her analysis, in the case of price breaking decisively below $1.81, the region of interest shifts towards $1.71, with the major golden retracement level lying at $1.55.
That level marks the 0.618 Fibonacci retracement of XRPs last rally, typical in Elliott Wave patterns. If XRP were to reach there, it would finish its Wave 2 correction and spark the explosive Wave 3 surge that tends to take assets far above highs previously established.
The technical framework still goes on advancing, but the measured configuration is providing indications that XRP is at the verge of reaching an inflection point, a point that will either validate the resumption of the correction cycle or portend an extensive bullish reversal.
Bullish Macro Structure Holds Firm
In the meantime, long-term trader Bobby A posed a contrarian but complementary argument. He stressed the macro bull argument, positing that XRPs multiyear triangle structure wasnt constructed towards topping out at just $3. It is natural, let along necessary, for there to be a correction having experienced a 7x movement.
Bobby noted that those investors who timed their purchase during the bear market are unperturbed, while late entrants are confronted with an uncommon opportunity now.
He emphasized that the ongoing pullback probably reflects the final significant correction before XRP emerges out of its macro structure into outright price expansion. In his own words, patience at this point might be rewarded with values above $10 in the next cycle.
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Read more: https://www.tronweekly.com/xrp-futures-hit-21-62b-as-price-nears/
Text source: TronWeekly
