Paris Optimists.
⚈ RSI at 47.85 suggests that the token can stabilize but a rally is unlikely
The XRP sellers uncovered started to jump the ship in early May, with the long / short ratio for the token showing that the long positions have become the most widespread they have had for more than a month, once a very short peak of the last day of April is excluded.
At the time of the press on May 6, the report for XRP was 2.467, its highest reading since the 2,482 was briefly recorded on April 30 and significantly higher than the 30 -day beach between 1.718 and 2.368.
The last time that the balance between upheavals and lowering bets was close to its press time value with any stability was between March 27 and April 4, while it varied from 2,272 to 2.520.
In addition, 70.95% of all accounts maintained a long position on May 6, and only 29.05% were short, according to Finbold data recovered Since Coachery The day.
Elsewhere, the leaving the bear may have been premature. During recent negotiations, XRP abandoned its brief recovery, which brought it back to $ 2.29 in the last days of April, and has developed a relatively decisive decrease trend since.
Will XRP continue to dive?
Since the token changes its hands below its level of support closest to $ 2.10, there are reasons to believe that it could soon dive further, maybe at its next foot at around $ 2.09.
If the native asset towards the large XRP book falls down and the break below, its next opportunity to find stability could be as distant as $ 2.05. On the other hand, and perhaps reporting a bullish correction, XRP has already tested the level of $ 2.09 at the beginning of May 6 and rebounded above. However, a larger rally remains distant because the nearest resistance is a high level of $ 2.18.
The wisdom of the decline in the prevalence of lowering bets can be observed in the fact that the relative force index of the token (RSI) amounts to 47.85. This shows that cryptocurrency is neither particularly excessive nor occurring and by suggesting that it could soon put an end to slowdown and find a certain stability at its current price, certainly depressed.
