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Fake Weakness? Could Ripple (XRP) Be Setting Up for a Violent Move?

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XRP seems to be showing one of the more interesting derivatives setups amongst the large-cap altcoins at the moment. On the surface, the price is climbing slowly, while the open interest is falling.

Normally, this would suggest that traders are stepping away from the market. But when this happens alongside a rising net position delta, it might be time to pay attention.

XRP is Rising, Here’s the Bullish Signal to Watch For

The current uptrend from the past few days seems to be driven more by the closing of short positions rather than by aggressive new buying, conform to an analyst. Put in simple terms, bearish traders seem to be exiting the market, and that short-covering pressure is helping push XRP’s price higher.

This can definitely support a steady move upward, but it is far from being enough for a sustained rally. A true acceleration usually tends to happen when new buyers begin entering the market with conviction.

This is why open interest matters a lot. A decreasing open interest suggests that leverage is being reduced – not added – which is typically a sign of waning conviction.

The daily outlook also supports a cautious bullish bias. XRP closed bullish during yesterday’s trading session, but it still needs to hold it to avoid slipping back into weaker territory. This is why a move toward the resistance at $1.13 remains very important, while stronger momentum could help push it even higher.

Shorts Getting Squeezed

That said, the real trigger that traders should watch is the simultaneous increase in both open interest and net position delta. This would suggest that the market is shifting from a state where the increase is driven by closing short positions to one where longs are opening.

If that shift happens, XRP’s price could accelerate even quicker.

Intraday, the cryptocurrency remains relatively volatile and stuck in a range. If it manages to push above and hold $1.18, this could offer an opportunity for buyers to return with force.

For now, the signal remains rather clear. The bears appear to be loosening their grip, but the bulls have not yet stepped in convincingly.

Postul Fake Weakness? Could Ripple (XRP) Be Setting Up for a Violent Move? a apărut prima dată pe CryptoPotato.

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