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XRP fails to break $2.73 as $1 Billion vanishes from Futures market
XRP’s prolonged consolidation below the critical $2.73 resistance level has eroded market confidence, resulting in a staggering $1 billion decline in Futures Open Interest over the past 48 hours.
The cryptocurrency’s failure to breach this key resistance has sparked bearish sentiment, with investors withdrawing their capital and abandoning hopes of a near-term recovery. This drastic shift in investor conviction has led to a substantial drop in Futures OI, which now stands at $1.9 billion.
XRP’s prolonged consolidation below the critical $2.73 resistance level has resulted in a 20% decline in value over the past month, with traders growing increasingly skeptical of any potential near-term upside. The inability to break above this level has dealt a severe blow to investor confidence, leading to a sharp decline in market activity.
The absence of strong on-chain fundamentals and the persistence of consolidation below $2.73 has led to the erosion of market sentiment. It is now crucial for XRP’s network engagement and usage to improve significantly if it hopes to regain the trust of its investors and reinvigorate buying pressure.
In this article, we will explore the reasons behind XRP’s failure to break above $2.73 and examine whether there are any signs that the token may be poised for a reversal in the coming days.
Source: ambcrypto.com
