The daily XRP graphic (XRP) recorded its lowest closure in 99 days on March 10. Altcoin fell below $ 2 support level but recorded a short -term recovery of 12% on March 11.
Table XRP 1 hour. Source: Cointelegraph / TradingView
On high-level graphics (HTF), XRP must hold above its psychological level at $ 2, but other measures suggest that a deeper reduction is possible.
The XRP markets lack buyers while future flip baisans
The XRP price is currently down 37.1% compared to its $ 3.40 summit. When prices dropped by a similar percentage on February 3, the cash market offers quickly absorbed the sale pressure, pushing XRP above $ 2.50.
XRP spot and perpetual aggregate data. Source: AGGR.TRADE
However, the Place de XRP and the perpetual markets were relatively down during last week. AGG.TRADE data indicate that the cumulative volume of XRP DELTA (CVD) dropped by 50% in March.
A negative MCV means that there is more sales volume than purchase. The current CVD value is $ 408 million, which signals the decreasing demand, the sellers taking control.
Likewise, long -term merchants also become lowering, with a perpetual CVD falling at -1.18 billion on March 11.
XRP financing rate table. Source: Coringlass
XRP whales continue to sell a wave
The XRP volume bubble map has shown an increase in activity towards the end of February. Ki-Young Ju, founder of cryptocurrency, observed that this increase aligned with a continuous distribution phase for XRP.
Distribution refers to a period of the market cycle when large investors slowly unload their positions to obtain gains, generally occurring near the peak of an upward trend.
Related: Why is the XRP price down today?
Current data reveal that the distribution phase has intensified in the last seven days. More specifically, whale outings, measured in a 30 -day mobile average, have regularly increased.
This increase suggests that large holders continued to unload their XRP positions, which leads the distribution trend more.
XRP Total whale flows. Source: cryptocurrency
Between March 4 and 10, these major XRP holders discharged around $ 838 million in posts. This important sale reflects the current lower trend for XRP.
Price XRP Price H&S refers to $ 1.60
On March 11, the graphic for a day of XRP closed below $ 2.05, which is the critical neckline of the daily head and shoulder motif. This scheme has potentially strong lowering consequences when observed on a high -time graph (HTF).
Table XRP at 1 day. Source: Cointelegraph / TradingView
The lower prices are likely if XRP fails to recover $ 2.05 as a support, as illustrated in the graph above.
The immediate target zone for the XRP price remains between 0.5 and 0.618 Fibonacci trace lines. Also known as “Golden Zone”, Retest beach is between $ 1.90 and $ 1.60. The probability of retests on 0.618 fibonacci or $ 1.60 is raised in the current bearish environment.
Failure to comply with this range could lead to the long-term request zone between $ 1.58 and $ 1.27.
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
