Altcoins News
By Julie Binoche
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XRP has shown signs of recovery since its recent dip to $1.61 on April 7, climbing back to trade near $1.99.
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One of the clearest signs pointing to weakness is the persistently negative funding rates in XRP’s perpetual futures contracts.
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Adding to the pressure is the declining open interest (OI) in XRP futures, which has plunged from $7.87 billion on January 17 to just $3.06 billion as of April 10.
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Historical patterns show that assets with falling open interest and negative funding rates often struggle to sustain rallies.
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XRP’s recent attempt to break out on April 9, when it surged by 21.5%, was met with strong resistance around the $2.20 level.
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On the weekly chart, XRP is clinging to support at $1.86, where the 200-day SMA is acting as a critical defense line.
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On the flip side, any chance of a sustained recovery depends on a breakout above the $2.20 resistance, followed by a move above the 50-day SMA at $2.
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In summary, XRP’s current price action, combined with bearish futures market data and repeated failure to break resistance, suggests that a further decline remains a real…
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