Foreign media reports that XRP saw a rapid rise in the early stages followed by a decline, but the price still remains above $1.35. The article argues that at this stage, the market is not showing a unilateral weakening trend, and the continuous selling pressure has not immediately pushed prices down, which means there is still a possibility for the short-term trend to continue to rise.
Selling pressure persists, but the support level has not been broken.
It is mentioned in the text that XRP previously rose from around $1 to nearly $1.70, but the data for both spot and futures of CVD is on the decline, indicating that the selling pressure has not disappeared.
However, prices did not decline in tandem with the selling pressure. Based on this, the article concludes that there may have been a willingness to absorb the selling orders in the market, with some buyers taking on the selling pressure within the current range.
Unclosed contracts fall back to $1.2 billion
Another piece of data that has drawn attention is the number of open contracts. During the upward trend of XRP, the number of open contracts once rose to approximately $1.4 billion, before then falling back to around $1.2 billion.
The article suggests that this indicates that some leveraged positions have been exited. If leverage continues to decline while prices can hold around $1.35, the short-term structure will remain relatively stable; however, if prices fall below this level and selling pressure continues to increase, the market may experience a deeper correction.
ETF Synchronous changes in cash flow and reserves
It is also mentioned in the text that the reserve of the XRP exchange has decreased from about 2.8 billion to 2.6 billion coins, which means that the number of holdings that can be directly sold on the trading platform has reduced.
At the same time, the cash flow of XRP and ETF is considered to be strengthening. The article states that if the demand for funds continues to improve while the tradable reserves of the exchanges continue to decline, the supply-demand relationship may further tighten.
- Can the price range of $1.35 to $1.38 be maintained?
- Can the price range of $1.40 to $1.50 be regained?
- ETF Whether the cash flow and CVD have improved
The overall assessment of the article is cautiously optimistic. The main reasons for this are the increased demand for ETF, the decline in exchange reserves, and the fact that prices have maintained resilience even in a negative CVD environment. If the support continues to be effective, XRP may once again test around $1.70.
