$XRP is facing its lowest level since August.
$XRP $1.0938 -4.89% H: $1.1543 L: $1.0765 Volume: 57.85M
The price is hovering around $1.09, it’s down 5.4% in the last 24h and down 11.6% in the last 7 days. We are at its weekly low currently, between $1.08-$1.34. We need $1.08 to HOLD, $1.14 to act as a first barrier and $1.16 to be regained to show buying.
I’m concerned by the chart. The US spot XRP ETFs have had 4 days of zero inflow from Nov 3-6. They have also had $530K outflow in the last week. Inflows in October have been very low at $18.8M compared to Sept’s $121.4M. Large money is stopping flowing in.
Reports are also showing around $900M XRP moving into Binance. This doesn’t show whales selling but an increase in exchange balance and price at support increases selling pressure.
Derivatives are also very crowded. Open interest is currently $2.51B, funding is still positive at +0.0040% and there has been $40.26M liquidation in the last 24h, with 96% being longs. Longs are still getting squeezed.
XRP is definitely useful for payments, RLUSD and tokenisation and has a good amount of supply in circulation (63.52B out of 100B max). However, a good ecosystem doesn’t guarantee buying when the ETF money runs dry.
I’m going to be holding at $1.08 and look to regain $1.14-$1.16, this will open up $1.20-$1.25. If we BREAK below $1.08 then $1.00 and $0.99 will quickly follow. I won’t be buying the middle of $1.09, I’m only risking 1-2%.
Do you think $1.08 holds or $1.00?
Vote HOLD if you think $1.08 holds. Vote BREAK if you think $1.00.
Click here to trade this lowest level $XRP
#xrp
$XRP $1.0938 -4.89% H: $1.1543 L: $1.0765 Volume: 57.85M
The price is hovering around $1.09, it’s down 5.4% in the last 24h and down 11.6% in the last 7 days. We are at its weekly low currently, between $1.08-$1.34. We need $1.08 to HOLD, $1.14 to act as a first barrier and $1.16 to be regained to show buying.
I’m concerned by the chart. The US spot XRP ETFs have had 4 days of zero inflow from Nov 3-6. They have also had $530K outflow in the last week. Inflows in October have been very low at $18.8M compared to Sept’s $121.4M. Large money is stopping flowing in.
Reports are also showing around $900M XRP moving into Binance. This doesn’t show whales selling but an increase in exchange balance and price at support increases selling pressure.
Derivatives are also very crowded. Open interest is currently $2.51B, funding is still positive at +0.0040% and there has been $40.26M liquidation in the last 24h, with 96% being longs. Longs are still getting squeezed.
XRP is definitely useful for payments, RLUSD and tokenisation and has a good amount of supply in circulation (63.52B out of 100B max). However, a good ecosystem doesn’t guarantee buying when the ETF money runs dry.
I’m going to be holding at $1.08 and look to regain $1.14-$1.16, this will open up $1.20-$1.25. If we BREAK below $1.08 then $1.00 and $0.99 will quickly follow. I won’t be buying the middle of $1.09, I’m only risking 1-2%.
Do you think $1.08 holds or $1.00?
Vote HOLD if you think $1.08 holds. Vote BREAK if you think $1.00.
Click here to trade this lowest level $XRP
#xrp
