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Ripple’s XRP Struggles to Break $2.73 as $1 Billion Exits the Futures Market
As the curtain falls on 2024, the XRP market has been stuck in a consolidation phase for over a month now. Unfortunately, this situation is taking a toll on investors’ sentiment as Ripple (XRP) continues to struggle below key resistance levels.
In a shocking turn of events, $1 billion worth of positions have exited the futures market within a span of just 48 hours. This sudden exodus has left the market in a state of uncertainty, with traders and investors alike struggling to come to terms with the drastic shift.
The XRP price action remains stagnant, unable to break above the critical $2.73 resistance level. The inability to do so has led to an erosion of confidence among investors, resulting in a significant drop in futures open interest.
With over $1 billion having vanished from the market, it is clear that the bears have taken control of this situation. It is crucial for traders and investors alike to be cautious and re-evaluate their positions considering the drastic shift in market sentiment.
As we enter the new year, it remains uncertain what the future holds for XRP’s price action.
Source: cryptonewsland.com
