After a continuous fall in price, XRP is about to break out from the long -term consolidation phase, an important resistance zone. The main reason for this Bullish Kijk is the price rebound in the cryptocurrency market.
XRPs price momentum
With the shift in market sentiment, the price of XRP has risen by 2.50% over the past 24 hours and is currently being traded near the $ 2.51 level. This price die has actively pushed it close to the upper limit of its consolidation zone at $ 2.54.
If the market sentiment remains unchanged, there is a strong possibility that XRP could break this long -term obstacle and increase by 30% to reach the level of $ 3.32.
XRP key levels and over-delivery positions
Looking at the bullish prospects, intraday traders dominate long positions with a strongly domination of XRP, who have maintained considerable open positions in the last 24 hours.
Data shows that traders with long positions were surpassed at $ 2,386, where they have built for $ 65 million in long positions. In the meantime, $ 2,533 is another important level where traders with short positions are used too much, which are currently held for $ 20 million in short positions.
Looking at the current XRP price in relation to the liquidation level, it seems that $ 20 million in over-leakage positions runs the risk of liquidation, because the price is close to the level of $ 2,533. If this level is liquidated, there is a strong possibility that XRP can easily reach its predicted level due to small bets by short traders.
