CandleFocus XRP Long Traders Seek $0.66 Target Despite Bearish Market Signals
2024-10-07
Author: Content Editor
The value of XRP has dropped by 17% due to market conditions and the US SEC filing an appeal against Ripple. However, XRP derivatives traders remain optimistic and continue to hold long positions. The funding rate for XRP remains positive, indicating confidence in its future growth. On the other hand, XRP spot traders are selling their holdings in anticipation of a significant price decline. XRP is currently trading below its 20-day EMA and 50-day SMA, indicating a potential shift in momentum and a bearish trend. There is a potential for a 13% decline in XRP's price, but if sentiment improves and demand increases, it could rally by 25%.
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