Xrp Price – Why Traders Need To Be Aware Of A Drop From This Level!
Market Outlook:
XRP’s price chart hinted at a key test as the asset challenged the $0.595 support level. This level, marked by the recent breakout, could turn into a battleground between bears and bulls.
A break below this line can result in a sudden drop towards the next support level at $0.555, potentially undoing all the gains made in the past weeks.
XRP Weakness or Gain?
According to Coinglass, there is an increasing number of liquidations, especially among long positions on the liquidation front. However, there were some notable shifts, particularly around the aforementioned price level, in both long and short pools – a sign of increased volatility.
Open Interest sent a mixed signal!
looking at the Open Interest (OI) weighted funding rate data, it seemed clear that the XRP market had been subject to fluctuations since the beginning of July. Positive funding rates showthe dominance of long-term investors who are willing to pay more for their positions.
, indicated at possible changes
XRP’s immediate future depends on its ability to hold support at around $0.595. A break below this could openWhat’s next for XRP?
