XRPs Next Move: Will $1.90 Hold or Short Positions Be Liquidated?
- Ripples XRP price movements are crucial, with a potential $2.62 rebound possibly triggering a $20.5M short position liquidation.
- Analysts view XRPs current fluctuations as noise, with a potential double-bottom formation at the $1.90 level signaling a bullish reversal.
- XRPs trading range mirrors past cycles, moving between $2.00$2.26, showing no major deviations despite market shifts.
Ripple (XRP) is in a crucial position in the cryptocurrency market, and experts are following its price and possible large fluctuations. Crypto analyst Ali Martinez pointed out in an X post that a potential bounce back to $2.62 could force the liquidation of short positions worth $20.5 million
Egrag Crypto offered more analysis of the price of token. From technical perspective, the current oscillations in XRP value are described as noise He also noted that the price of token is now trading back towards the December 10th low of $1.90, which is a level that could lead to a double bottom. This pattern is a classic example of a bullish pattern which indicates that the price may be about to reverse its trend.
XRPs Historical Price Range
The analysis also focused on the macro-range behavior of coin and compared it to the current activity. In the previous cycles, XRP had its trading range from $0.50 to $1.00. At the time of writing, Ripple token is moving between $2.00 and $2.26, which has similar action at higher price zones. This shows that there are no significant deviation from the historical behavior of coin despite the changes in market trends.
The collapse below the $1.90 support level was however downplayed by analysts arguing that a breach of the level in the lower time frames will not warrant much concern. These are but normal fluctuations in the market economy, which portray the short term trends rather than the long term trends.
XRP Price Surge Potential
This has been strengthened by the potential liquidation of $20.5 million in short positions, which makes the near future of coin more exciting. In case the price rises and up to $2.62, more traders can be attracted, and the market will gain more confidence. But when the price stays below the critical support level, the investors may start getting a bit pessimistic.
This comes at a time when the currency is asserting its dominance over the rest of the cryptocurrencies market. Since traders and analysts pay close attention to the asset at this point, how it will perform in this stage may hold significant consequences.
Regardless of whether it cement its position above important levels or meets more difficulties, Ripple token still captures the attention of the market participants. Given the roles and trends in the current token, the next steps in the XRP journey will define its story in the coming weeks.
Read more: https://www.tronweekly.com/xrps-next-move-will-1-90-hold-or-short-position/
Text source: TronWeekly
