CandleFocus XRP Surges to $1.63 Year-To-Date High, But Shorts Stay Resilient
2024-11-24
Author: Content Editor
Ripple's XRP reached a year-to-date high of $1.63 but has since declined by 6% in the past 24 hours. This has led to an increase in short positions in the futures market, indicating skepticism about the sustainability of the rally. The drop in open interest suggests reduced market participation and waning confidence in the uptrend. The Long/Short ratio also reflects a bearish sentiment, with more short positions than long positions. If bearish sentiment continues, XRP could drop to the $1.33 support level and potentially even further to $1.15. However, a shift in market sentiment from negative to positive could invalidate this bearish outlook and allow XRP to reclaim its year-to-date high.
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