Brief content
⚈ RSI XRP – 38, and recent unlocks of Ripple tokens add pressure on the sale.
⚈ There is no clear bear catalyst, but bull moods grow against a step.
The ratio of recently open XRP shorts compared with long positions reached a 2-week minimum on May 5, since the price of token could not violate the resistance at the level of $ 2.20.
To be more accurate, 55.07% of the positions open over the past 12 hours were long, and 44.93% are XRP shorts, according to the data received by Finbold from the market intelligence platform CoinglassField
During printing, the price of XRP fell to $ 2.15, which meant a decrease by 1.67% in a daily diagram. Prices briefly touched the mark of $ 2.14 twice, but quickly bounced, demonstrating a high degree of demand at these levels.
Is a reduction in the XRP shorts by a bull signal or false anxiety?
The XRP (RSI) relative force index is currently at 38, which indicates that the cryptocurrency has not yet entered into the conditions of resold conditions.
In addition, the recent Ripple unlock in 1 billion tokens has led to an increase in sales pressure. Given the foregoing, 700 million of these tokens were immediately converted, so the development will hardly stimulate prices below critical support levels, at least independently.
And vice versa, an increase in speculative bull positions is not what will probably lead to the restoration of the price – but this indicates widespread bull moods.
Moreover, in the game there is no obvious bear catalyst-at the present time the price of price is apparently exclusively the result of dynamics and exhaustion in the general market from the bulls.
On the other hand, positive events regarding the case of Ripple V. SEC, which, as expected, will soon end, can lead to a sufficient mood shift to keep the XRP from the danger zone in the near future.
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