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👆Follow me to share cutting-edge Web3 news every day👆Jinqun +Q: 3846328374 Ripple (XRP) has been making a lot of noise recently. Although there is news about business expansion to support long-term confidence, the short-term price trend is under pressure due to multiple factors, and it has fallen into a clear technical adjustment pattern, and the market has become more divided on its subsequent direction. 1. The good news cannot offset the short-term pressure, and the obstacles in ETF approval have made matters worse.Last week, XRP announced its entry into the digital asset library (DAT) field, planning to build a seamless payment solution based on on-chain infrastructure. Although this move enhanced the confidence of long-term investors, it failed to alleviate short-term panic in the market. At the same time, the ongoing government shutdown in the United States has directly delayed the approval process of the XRP exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC), further inhibiting the market’s upward momentum. In addition, Ripple co-founder Chris Larsen has made a cumulative profit of more than US$764 million from selling XRP since January 2018. Such sales often occur near the local top of the market and are considered by analysts to be one of the important reasons for the current losses suffered by XRP holders. Enter skirt +Q: 3846328374 2. The futures market is divergent and the technical picture is bearish.XRP futures trader capital flows (CVD) have recently turned bullish, with its market dominance rebounding from the past year.  (Data source: X) Enter skirt +Q: 3846328374 Some people believe that there have been cases in history where large Bitcoin transfers were cashed out but did not prevent the rise of BTC, so Larsen's selling behavior may not continue to suppress XRP.  (Data source: TradingView) However, from a technical perspective, XRP's daily chart shows a typical descending triangle shape, with highs continuing to decrease and lows remaining stable. There is also an obvious supply imbalance in the range of $2.5 to $2.77, and the probability of a short-term bullish breakthrough is low. Although the weekly market structure is still optimistic, XRP is more likely to fall below the $2.3 support level, and its next key target will be $2. Enter skirt +Q: 3846328374 3. The threshold for trend reversal is clear, and breaking through $2.8 is a key signal.XRP needs to complete a critical breakout move if it wants to reverse the current pessimistic outlook. The market generally believes that only successfully breaking through the upper supply zone and standing firm at $2.8 can it be regarded as the first step in the price direction turning to bullish, thereby easing the current adjustment pressure. In the future, we need to focus on the defense of the support level of $2.3 and the breakthrough momentum of the resistance level of $2.8. These two price levels will directly determine the short-term trajectory of XRP. That’s it for today’s article. I don’t know what to do in the bull market. Welcome to join the skirt+V: sun568298 for free.  |
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