According to the reports, in the Sunday crash, XRP may have crashed, but the futures traders are analysing that the price will bounce back quickly.
What Happened
With open XRP futures positions around 74% of Binance traders took a long position on the fourth-largest cryptocurrency, according to Coinglass, up from 70% a day ago. This is even with a 21% fall in its price in the previous 24 hours.
Some predictions validated why traders took that position. Well-known cryptocurrency analyst CrediBULL Crypto said that XRP’s price decreases before it performs well again makes sense. “I am still more confident than ever about XRP and its sustained excellence. This would just be a short-time speed bump along the way, nothing more,” the analyst added.
Surprisingly, the expert said they assume a “variation” and not a “failure” under $1.80 before the next surge. On the other hand, economic expert Jesse Colombo shared a negative outlook, indicating XRP’s decline under its support level.
Colombo predicted that the head and shoulders pattern suggests it could fall all the way back to 60 cents, completely reversing its recent rise.
The head and shoulders chart pattern shows a change from a positive to a negative trend, indicating that an upward trend is close to its end.
Why It Matters
These assumptions come during a substantial downturn in the digital asset market.
Key assets, including Bitcoin and Ethereum, faced an extensive downturn; this was mainly due to worries about President Donald Trump’s tariff policies. The top cryptocurrency, Bitcoin (BTC), dropped to $75,000, its lowest point in five months.
XRP Price Action
At the time of reporting, XRP was being traded at $1.65, down 21.45% in the previous 24 hours, according to data from Bitcoinik.com. So far this year, the cryptocurrency has fallen by 18.92%.
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Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.
