XRP price rises during periods of low volatility and uncertainty in the market. Resistance is sustained over long periods, restraining price action following many breakout attempts. Derivatives analysis indicates bullish sentiment but low participation levels.
At the time of writing, XRP is trading at $1.35, showing a slight 0.83% increase over the last 24 hours. According to the data from CoinMarketCap, 24-hour trading volume was recorded at $1.70 billion and a total market capitalization of $83.94 billion.
Source: CoinMarketCap
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XRP Long-Term Resistance Outlook
Crypto analyst, ChartNerd, presented his long-term analysis regarding XRP price, saying that the market structure has been poor since the year 2017.
This is because the XRP has formed lower tops on several occasions without breaking through the key resistance regions. It was revealed that a resistance level and falling tops have limited gains in the XRP.
Source: ChartNerd’s X Post
It is also emphasized that the last 15 months of failed attempts for a breakout have been putting pressure on the XRP price, particularly in comparison with the overall trend of the bitcoin market. Another point worth mentioning is that the dominance of Bitcoin stands above 60%, putting indirect pressure on XRP.
XRP Price Stays Range Bound
Data on derivatives is one more parameter to analyze regarding the XRP. Open interest increased by 1.52%, totaling $2.87 billion, whereas trading volume fell by 11.79% to $2.14 billion. Such a combination means that there are more open positions in the futures market despite the lower activity in trading, hence controlling the XRP price fluctuations.
Source: Coinglass
The open interest funding ratio currently stands at 0.0063%, indicating that there is an equal balance of market leverage positions, which means that the XRP remains trading within range-bound territory.
Source: Coinglass
This further denotes that investors have not demonstrated any inclination towards extreme bullishness or bearishness with respect to the token’s price. As such, XRP remains in its consolidation mode.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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