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XRP faces a weak derivatives market as traders increasingly pile into bearish positions.
XRP remains largely in bearish hands amid a 2% intraday drawdown to $1.45
Ripple (XRP) edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.
The overall technical structure remains mostly bearish despite the MACD recently confirming a buy signal.
Mixed outlook as XRP retail demand weakens
XRP is struggling to sustain its recovery, leading to volatile price fluctuations as retail interest wobbles. After the XRP futures Open Interest (OI) increased to $2.56 billion on Monday, it narrows to $2.53 billion on Tuesday, undermining last week’s optimism that propelled the price to $1.67 on Sunday.
OI remains significantly below the record high of $10.94 billion in July. As OI fades, traders close positions in droves and refuse to open new ones, leaving XRP vulnerable to market pressures and risk-off sentiment
CoinGlass data shows that traders are increasingly piling into short positions, suggesting a lack of conviction in XRP’s short-term bullish outlook. The OI-Weighted Funding Rate holds at -0.0078% on Tuesday, remaining in the negative region since Sunday. Without follow-through momentum, price fluctuations will persist amid an overall bearish trend.
XRP hovers above $1.45 while sitting well below the 50-day Exponential Moving Average (EMA) at $1.72, the 100-day EMA at $1.93 and the 200-day EMA at $2.13. All three moving averages are descending, confirming a deteriorating technical structure and increasing the odds of prolonging the ongoing correction.
Technical outlook: Evaluating XRP market structure
The descending trend line from $3.66 (record high) would limit gains, with resistance seen near $2.10. Moreover, the Parabolic SAR indicator trails below the price at $1.21, offering initial support that, if lost, could extend the bearish sequence. On the other hand, the improving MACD momentum would favor a push toward Sunday's high at $1.67.
Meanwhile, the Relative Strength Index (RSI) at 40.76 remains below the midline on the daily chart, tempering the upside despite a recent momentum shift when the Moving Average Convergence Divergence (MACD) crossed above its signal line on the same chart. The expanding green histogram bars may prompt traders to increase their exposure, especially if XRP defends a short-term support at $1.45, tested on Monday.
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The Ethereum treasury firm continues its buying spree with its largest weekly ETH purchase in token terms this year.
The firm also raised its cash pile to $670 million, alongside its small bitcoin
BTC
$66,790.05
stash and equity stakes, including a $200 million position in Beast Industries. Total assets stand at $9.6 billion, while BitMine’s share of ETH’s total supply rose to 3.6
BitMine has now staked over 3 million ETH — about 69% of its holdings — that generate $176 million in annualized rewards, according to Chairman Tom Lee. The firm’s staking operations currently yield 2.89% annualized.
Lee said sentiment in crypto markets remains depressed, drawing comparisons to the lows of 2018 and 2022. But he argued the current environment differs in that there have been no major collapses of large players.
Investor sentiment and enthusiasm are rock bottom, reminding us of the forlornness and dejection seen at the November 2022 lows and depths of 2018 crypto winter," he said. "Rather, it seems like crypto has remained weak since the 'price shock' and massive deleveraging seen on October 10th."
Lee also highlighted developments from last week’s Consensus Hong Kong conference, where he cited tokenization, artificial intelligence (AI) integrations and proof-of-humanity infrastructure as long-term growth drivers for Ethereum.
The price of ETH is not reflective of the high utility of ETH and its role as the future of finance," Lee said. "Hence, we continue to buy ETH even as crypto moves through this 'mini-winter.'"
Read more: Tom Lee says stop timing the bottom and start buying the dip
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