Despite recent selling pressure, XRP's long-term outlook remains bullish. Technical indicators suggest a potential range breakout, while the liquidation map points towards a move towards the upper range highs.
The Open Interest and spot CVD have both tumbled lower over the past 24 hours, a consequence of the market-wide selling pressure. XRP has a long-term bullish outlook. Its rally to $2.9 was followed by a range formation that witnessed steady accumulation from the bulls. For a month, XRP has traded within a range that extended from $2 to $2.62. The mid-range level at $2.31 has served as both support and resistance over the past month, and at press time was resistance.
To the south, a fair value gap from late November was the next demand zone that XRP could see a bullish reaction from. Despite the range formation, the OBV has slowly climbed higher over the past month. This was an encouraging sight, and showed selling pressure was weak. The RSI on the daily chart also stayed above neutral 50 to signal bullish momentum was prevalent. The liquidation map of the past month showed a considerable cluster of high leverage liquidation levels between $2.33 and $2.4. The cumulative liquidation leverage to $2.4 outweighed that toward $2.21. The Open Interest and spot CVD have both tumbled lower over the past 24 hours. This was a consequence of the market-wide selling pressure brought by The liquidation map hinted that a move near the range highs was more likely in the coming days. Whether a range breakout will follow was unclear. Swing traders must be prepared to take profits during such a move, and can look to rebuy $2.35-$2.4 during a retest as support. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis
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