XRP-Shorts On The Edge!
Ripple’s XRP price has sparked a minor uptick by bouncing off the support levels quickly than the previous 2018 crash. The crash was so brutal, that the price declined to the 2-month low levels around $0.6.
However, during the extreme crash the traders underwent extreme fear and hence shorted their XRP positions. According to a popular analyst Mr. Whale, the number of XRP shorts peaked during the recent crash. And hence, a strong rebound is fast approaching smashing above $1 very soon.
Currently, the XRP price bounced off the support levels at $0.69 and gained nearly 22% since the past trading day. And hence it appears that a strong momentum has already geared up and hence rallying above $1 seems imminent.
XRP Price Analysis
XRP price before the crash had gained an immense uptrend and was on the verge to hit the yearly highs. Yet the drastic plunge drained the price nearly a dollar within a few minutes, settling the price around $0.8. However the price quickly entered the recovery phase, yet it was a short-lived.
The price kept on trending within the descending channel and dropped to the levels surrounding $0.6. However, since the early trading hours, the price broke the upper resistance levels of the channel and rallied high to gain more than 20%.
At the time of writing, the XRP price is $0.8656 with a jump of nearly 20% in the past 24 hours. The price after a strong bounce-off, an upswing may be likely from the current levels around $0.9 to $1.178. Despite a small pullback, the price yet appears to be poised to hit the SMA at $0.92 and eventually above $1.
- The resistance levels are at $0.92
- The support levels are at $0.67
- The indicators point out towards a sell signal