A note XRP Volatility Scares Traders Near $1.50: Can Bulls Survive The Run? appeared for the first time Coinpedia Fintech News
With the price of Bitcoin now aiming to recover above $80K, the altcoin market is starting again. As a result, XRP is seeing an increase in the market, with short-term traders now betting heavily around the $1.5 zone. In addition, several chain symbols now indicate the end of the current integration. If this happens, the price of XRP could be pushed to the January highs.
XRP Faces Tough Battle Below $1.5
XRP has been experiencing a lot of volatility in the past few hours. Supply lines at $1.5 are creating strong bearish waves, preventing any recovery from Monday. Data from Coinglass shows that the total withdrawal of XRP has touched $17 million in the last 24 hours. Of these, buyers left the most after meeting with opposition above $ 1.5, about $ 10.4 million.
Interestingly, the review of the CLARITY Act by the Senate Banking Committee on May 14 may lead to temporary XRP price fluctuations if it promotes XRP as a commodity. As the volatility of the XRP market increased, it was accompanied by an increase in open interest. CryptoQuant data shows that XRP’s open interest rose to around $475 million, higher than the 30-day average of $441 million. Analysts say that this shows that traders are very active when XRP rises below $1.5.
Also read: XRP Price Enters Key Resistance Zone—Could Breakout Here Lead to a New All-Time Race?
The number of XRP wallets with unrealized gains also rose to around 65% on Thursday, compared to 63% yesterday. XRP has also seen strong ETF activity over the past few days.
On Thursday, ETF inflows reached nearly $19 million after a slight decline yesterday. Interest in these ETFs has remained steady, with inflows rising from $1.36 billion to $1.37 billion. At the same time, net worth rose to $1.25 billion, from $1.14 billion. It makes XRP more likely to pay $2.
What is the future of XRP?
The price of XRP has been swinging within a tight channel after facing multiple resistances at $1.5. However, it shows that buyers are still holding their positions, expecting the price to go higher. At the time of writing, XRP is trading at $1.4, down more than 1.8% in the last 24 hours.
If XRP moves above the downtrend line, the pair XRP/USDT can rise to $1.6. Traders would try to stop the price at that level because a move above would signal the start of a new uptrend. When this happens, XRP may rise to $2.
On the other hand, if the price falls below the trend, it may indicate that buyers are losing confidence. In that case, XRP could drop to around $1.25, where buyers would enter again.
The RSI level is moving below the median line at the level of 48. Although it shows a slight correction, the buyers are actively protecting the SMA levels.
