XRP In October, there was a decline of nearly 19%. The main impact came from the $6.3 billion hacker attack on the Binance exchange, which dragged down the entire market. However, the selling that occurred at these lows also activated a large number of buy orders – the current liquidity map shows that local support is beginning to form.
Currently, the price of XRP is confined within a narrow range around $1.25, testing the boundaries of a potential local bottom.
What's the current market situation?
CoinGlass Derivative market data shows that this asset is almost “fixed” at a low level. At the current price of $1.2505, the key bullish clearing level is at $1.2292, with a 54% probability of testing this level within 24 hours. Above that, there is bearish selling pressure at $1.4292.
At the same time, excessive leverage in the market has been cleared out – in October, 37.6 million US dollars worth of long positions were forcibly liquidated.
The technical chart of TradingView also confirms the importance of the current price level. On the weekly chart, XRP is running near the crucial 200-week moving average (between $1.25 and $1.28) – this is a strong historical level, as the price began to surge vertically from here in August. The daily oscillator indicator has dropped to 36.85.
Historically, touching this oversold area often precedes a reversal in the upward trend.
The results of the conference also brought additional pressure. The new RLUSD stablecoin took over the company's institutional products (including custody services for Coinbase and Robinhood), which in the short term weakened the direct demand for XRP.
In this context, the asset size of the US XRP ETF has fallen back to the range of $1.42 billion to $1.47 billion due to the decline in token prices, while the net inflow into the fund is close to zero.
The range of $1.20 to $1.25 remains the main support level. The selling pressure triggered by Binance News was quickly reversed, demonstrating the strength of the buyers. If the buyers can hold the $1.2292 level and push the price back above the daily average of $1.3145, then the current price will become the official bottom.
Conversely, if $1.20 is breached, it will open the way for a decline to the August low range of $0.98 to $1.00.
Success!
