$XRP /USDT: Breakout of EMA(200) and abnormal increase in open interest
Price: $1,2915 (-8,13%)
Technical breakout: The bears pushed through the key long-term EMA(200) level at $1,3236. The local low is set at $1,2651.
Anomaly in futures: Open interest (OI) surged to $385.3 million at the very bottom of the decline. Massive volumes are being pumped into the market. At the same time, RSI(6) at 29.13 confirms deep oversold conditions.
Conclusion: The market is locked in a tough fight. The drop has hit local support at $1,2650. We’re waiting for an attempt to return above $1.32, but remember the high long coefficient on accounts (2.78) — volatility will be wild.
Price: $1,2915 (-8,13%)
Technical breakout: The bears pushed through the key long-term EMA(200) level at $1,3236. The local low is set at $1,2651.
Anomaly in futures: Open interest (OI) surged to $385.3 million at the very bottom of the decline. Massive volumes are being pumped into the market. At the same time, RSI(6) at 29.13 confirms deep oversold conditions.
Conclusion: The market is locked in a tough fight. The drop has hit local support at $1,2650. We’re waiting for an attempt to return above $1.32, but remember the high long coefficient on accounts (2.78) — volatility will be wild.