key points:
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Signs of recession due to decline in open interest and negative funds suggest possible intensive improvement for XRP price.
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The descending triangle pattern of XRP targets $ 1.18.
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Binance XRP/USDT liquidation Heatmap the next major liquidity zone highlights $ 1.75- $ 1.60.
XRP (XRP) In the last five days, the price has declined by 12.6% and was trading less as $ 1.91 on 22 June.
Let us check whether the price of XRP may move forward in the coming days.
XRP derivative data leans recession
XRP’s ability to reduce the decline is reinforced open interest (Oi), according to the data of coating.
Connected: The biggest earnings of XRP Price Rally are selling $ 68.5m tokens every day
The chart below suggests that XRP’s OI has fallen by $ 5.53 billion on May 14 to 36%, on May 14 by $ 5.53 billion, suggesting that investors are shutting down positions, possibly expecting the price of XRP to be reduced.
Historically, property with a decline in open interest conflict to maintain the upper speed, because prices have less capital and enthusiasm to drive more in prices. The current scenario shows a 74% decline in OI between January 20 and February 8, which range from 32% to $ 2.26 to $ 2.26. Multi-year high $ 3.40 At the same time.
Meanwhile, XRP funding rates have flipped up to negative -0.0068% on 23 June on 23 June on 23 June, indicating increasing bets at a price to reduce.
XRP descending triangle indicates on 41% value drop
The price of XRP has been making a descending triangle pattern on its daily chart since then Rally in late 2024Characterized by a flat support level and a downward-sloping resistance line.
A descending triangle Chart pattern The forms after a strong uptrend are seen as a recession inverted indicator. The setup is solved when the value breaks below the flat support level and falls more as the maximum height of the triangle.
Bulls are struggling to place XRP above the Triangle’s support line at $ 2.00, indicating lack of strength. By breakdown of this level, the XRP price will appear 41% below the current price levels, falling towards the negative target of the prevailing chart pattern.
The descending triangle target of XRP echoes a previous analysis, which Wags If $ 2.00 is not supported, $ 1.20 is as low as possible fall.
In contrast, A Clear breakout Above the resistance line of the triangle at $ 2.22 (where simple moving convergence of 50-day and 100 days appear) will completely invaluate the recession structures, position Price for a rally towards $ 3.00,
XRP liquidation heat hits $ 1.75- $ 1.60
Benance XRP/USDT Writing Heatmap Major liquidity regions are detected where there may be incidence of large liquidation. These levels often act as magnets, which affect the price direction depending on the amount of liquidity at a given level.
A high concentration of liquidity appears near $ 1.75, with a yellow field reflects a cluster of leveraged positions, suggests that it is an important support level.
If the level of $ 1.75 is broken, it can be engraved to a liquidity squeeze, forcing long buyers to close the situation and run prices towards $ 1.60, the next major liquidity cluster.
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
