Summary
- XRP rose about 5% to around $1.50, reaching its highest level in roughly two weeks.
- Analyst CW said a major sell wall has formed near $1.50, and that if it breaks through, the next key resistance would be $1.95.
- On-chain analyst Ali Martinez said XRP futures open interest has increased about 16.5% over the past week to around $1.6 billion.
Forecast Trend Report by Period
XRP has risen about 5% amid a broader rebound in the crypto market, climbing to around $1.50. However, analysts are offering mixed views on whether the rally can be sustained.
According to CryptoPotato, a cryptocurrency-focused media outlet, XRP climbed as high as about $1.48 intraday on the 16th, marking its highest level in roughly two weeks. It was up about 5% from the previous day.
Some also point out that heavy sell orders have formed around the current price range. Analyst CW, sharing a chart, said that “the area around $1.50 is a key zone with a major sell wall,” adding that “if it breaks above this level, the next major resistance would be around $1.95.”
Some market participants are also skeptical about the move. Crypto analyst Cobb said, “I simply can’t trust this XRP rise,” noting that “there have been cases in the past where it returned to a range after a short-term rally.”
Meanwhile, derivatives markets are also showing signs that reflect upside expectations. On-chain analyst Ali Martinez said XRP futures open interest has increased about 16.5% over the past week, expanding to around $1.6 billion.
In another post, CW said that “there are almost no short positions in XRP right now,” and analyzed that the expansion of leveraged positions could reflect investor sentiment that is anticipating further upside.
Technical indicators are also raising the possibility of increased volatility. Some analysts said Bollinger Bands are narrowing, suggesting the price could make a sharp move ahead.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
