Despite a recent surge in XRP price, the cryptocurrency faces potential downward pressure from large investors (whales) selling their holdings. However, bullish indicators such as the formation of a symmetrical triangle pattern and positive trends in funding rates and open interest suggest a possible rally.
Nonetheless, whales were applying downward pressure through considerable sell-offs, which, in turn, could affect retail investors.
Adding to this bullish sentiment on the chart is the Chaikin Money Flow, which measures the volume-weighted average of accumulation and distribution over a specified period.However, the formation of a symmetrical triangle is not the sole bullish signal. Further analysis revealed that retail investors were actively contributing to the likelihood of a rally.
This scenario typically suggests that the Futures contract price is exceeding the spot price, highlighting strong demand for long positions.Moreover, the Open Interest has shown a positive uptick, with a notable 1.15% increase in the past 24 hours.
XRP Cryptocurrency Whales Bullish Signals Symmetrical Triangle Funding Rate Open Interest
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