XRP Update: The Significance of the $0.619 Threshold in the Short Position
In the current bearish market, short sellers are actively increasing their short positions in comparison to long buyers. This marks the third consecutive day of downward momentum this week. Despite selling pressure, on-chain analytics firm CoinGlass reports that short sellers do not anticipate Ripple’s XRP reaching the $0.619 level.
CoinGlass Report on the XRP Short Sellers
In the last 7 days, short sellers have positioned nearly $47.5 million against the $0.619 level. This significant position reflects a prevailing bearish sentiment regarding XRP’s potential to surpass this level in the near future.
Read Also: Garuda-DeFi Launches Liquid Staking for LUNC, USTC, and CW20 Tokens
At present, XRP is trading around the $0.578 level, showing a 4.5% decline in momentum. Despite this, XRP’s trading volume has remained stable during this period, indicating consistent participation from investors and traders despite the recent price drop.
XRP’s performance comparison with top assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) reveals that over the last 30 days, XRP has demonstrated a price surge of over 21.5%, outperforming BTC, ETH, and SOL, which recorded price changes of 4%, -4.5%, and 11%, respectively.
Technical Analysis and Future Prospect
In terms of technical analysis, experts anticipate a bullish trend for XRP, with potential price increases of over 10% and a target of $0.65 in the coming days. XRP recently found support at a critical level and the 200 Exponential Moving Average (EMA) on the daily time frame, suggesting an upward movement.
Despite heavy short positions, on-chain analytics firm Santiment’s recent update on XRP reveals its highest bullish sentiment in the past 14 months, indicating strong optimism from traders toward top cryptocurrencies, including XRP, BTC, ETH, and SOL.
Read Also: Cardano Reaches Significant Network Milestone and Hints at Exciting Hydra Update
Follow us on Twitter, Facebook, Telegram, and Google News
Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
