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Another analyst indicated that there are “almost no short positions on XRP” at the moment.
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Summarize with AI
Summarize with AI
With the entire cryptocurrency market rebounding in the past 12 hours or so, Ripple’s cross-border token has joined the trend, jumping 5% to almost $1.50.
Analysts have weighed in on this performance, with some suggesting that the asset has neared a key sell wall zone that could determine the next move and whether it could challenge $1.95. Others, though, have some trust issues.
$1.95 or Dead-Cat Bounce?
In the hours leading to the impressive surge, CryptoWZRD noted that XRP had closed indecisively. However, they added that if it breaks above the crucial $1.43 resistance, the asset could be primed for a more sustainable rebound, as it did shortly after their post.
The aforementioned jump drove XRP to almost $1.50, which is the highest price tag in over two weeks. Fellow analyst CW outlined a chart showing that this level is actually a major sell wall. If broken, XRP’s path should be quite clear until the next such significant obstacle, all the way at $1.95.
Interestingly, Cobb, who is among the most vocal and bullish members of the XRP Army, said they “simply refuse to trust this XRP pump.” Perhaps this is because the asset has charted similar impressive gains several times for a few days, only to be rejected and pushed back to its rather tight trading range.
However, the landscape could be different now as the Bollinger Bands had squeezed to a level suggesting a big move ahead.
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No Shorts on XRP?
Another interesting post from CW showed that “there are almost no short positions on XRP.” This has particular significance given the fact that the asset’s futures open interest had surged by 16.5% in the past week, going to over $1.6 billion, according to data from Ali Martinez.
Meaning, traders are ramping up their leveraged XRP positions but evidently expect a major move upward.
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Source: https://cryptopotato.com/ripple-price-surges-5-but-analyst-refuses-to-trust-this-xrp-pump/
