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Is XRP primed to pump with a new bullish structure?
While most altcoins are somewhat undecided about the bull run, XRP is flashing signs of a more sustainable bullish structure. Support and resistance levels are clearly defined, technicals are resetting off highs, and leverage is not out of control. The ingredients are there for XRP to make a measured run higher, provided the delicate balance holds. For traders, is XRP an oasis of opportunity?
TLDR
- XRP is forming a bullish structure, getting support at $0.62 and resistance at $0.70
- Technicals are not overbought, with RSI resetting off highs positively.
- It has healthier derivatives market mechanics than most altcoins currently.
- If the market holds up, XRP has a good setup for a retest of $0.70 resistance.
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
XRP is forming a bullish structure here in that it’s getting support between $0.62 to $0.64. It also has a local downtrend line that could see the price break out to retest the horizontal resistance at $0.70.The RSI is also positive in that it’s nowhere near overbought and has come off a high level, so it has now reset more substantially. This should help XRP go higher in the short term, even if it’s just to retest and find resistance at the $0.70 level.
It’s pivotal that price holds above the horizontal support of $0.62, which also converges with the uptrend line.
XRP 1D
Market mechanics
The funding rate for XRP is very positive, indicating a large bias to be long. But look at how choppy the funding rate is. Those are longs piling in and then being flushed out. This is causing the funding rate to go from high positive to relatively positive.
In terms of open interest, this is at a healthier point because it’s not massively high. It’s increased like many other coins have, but it’s not alarming enough to indicate that we have much froth here. But there is the positional bias amongst traders to be long.
Cryptonary’s take
XRP now finds itself in an important range between $0.62 and $0.70.Despite XRP having a healthier setup than most, XRP will likely not be immune from this if the market moves lower. However, if the market holds up, XRP is set to move higher and retest the horizontal resistance of $0.70.
A break above $0.70 would take XRP to $0.79. However, the resistance of $0.70 will likely be very difficult to get above.
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