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XRP News: Open Interest Drops $1B as Price Struggles to Break Resistance
Ripple’s XRP has been stuck in a consolidation phase for over a month now, leaving investors frustrated and uncertain about the coin’s future prospects. Unfortunately, recent data suggests that this uncertainty may persist in the near term.
According to our latest reports, open interest in XRP Futures has plummeted by an astonishing $1 billion over the past 24 hours alone. This significant drop in open interest indicates a substantial loss of confidence among traders and investors alike.
The current situation is further complicated by the coin’s inability to break through its key resistance level of $2.73. The price has been stuck below this critical mark for an extended period, leading many to question whether XRP will ever be able to recover from its current slump.
As a result, we’re seeing widespread profit-taking and withdrawal from open positions, which is expected to put additional downward pressure on the coin’s value. The lack of conviction among investors and traders alike may signal that this correction phase is far from over.
In spite of this gloomy outlook, some analysts are still projecting a more optimistic future for XRP. Dark Defender, a well-known cryptocurrency expert, recently forecasted that the price will complete its current correction within ±10 days on the daily chart. If successful, this would pave the way for a significant upward move to $8.67.
Additionally, another analyst named Egrag has predicted that May 5th could be a pivotal date in XRP’s trajectory, with a target of $15 by that time. However, these predictions remain speculative at best and may not ultimately come to pass.
In conclusion, the current market dynamics suggest that XRP will continue to struggle to break through its resistance levels in the near term. The drop in open interest is a clear indication of the lack of confidence among investors, which will likely lead to further downward pressure on the coin’s value.
As we await developments in this situation, it remains crucial for traders and investors to stay informed about any new updates that may impact the direction of XRP.
Source: coinpedia.org
