Market Direction

Bulls and bears at odds after XRP’s uptrend breakdown

Updated: Jul 25, 2024

Published: Nov 15, 2023

XRP bulls are attempting to regain their footing after a harsh pullback. While XRP has lost its uptrend, the key support between $0.62-0.64 has so far held firm. With funding rates and open interest normalising, XRP is primed for a rebound if it can reclaim the broken uptrend. The key question is whether it will reclaim it as bulls and bears wrestle for control.

TLDR

XRP pulled back but held key support between $0.62-0.64
The uptrend is broken, which raises risks of deeper pullback.
Funding rates and open interest have normalised to healthier levels
Mechanics align for a bounce if XRP can reclaim the uptrend.

Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.

Technical analysis

Like several coins, XRP pulled back significantly yesterday but was able to reclaim its major support and close above this level. The major support for XRP we previously identified was $0.62 to $0.64. The worry is that the uptrend has been broken, which may see a deeper pullback...