The open interest XRP is close to the lowest level in one year as of April 14, with a decrease in the total open centers to 1.18 billion, a decrease from 3.67 billion in mid -January, according to the latest data recovery Written by Crypto On-Chain and Market Data Analytics Platform Cryptoquant.
What does this mean for encryption traders? In essence, the size of the derivative trading dried up. This is a clear indication of lowering speculative interest – but most importantly, it is a strong sign that there is no clear trend, difficulties or declining.
This is supported by another simple trading scale. The low open interest XRP is accompanied by a slow size – which has decreased by 22.49 % over the past 24 hours, according to statistics from CoinmarketcapAnd it has been in a fixed decline since Wednesday, April 9.
However, this reduction in speculative trading will affect the procedure on prices in the short term of the symbol.
Located in XRP, the open interest is the beginning of the restricted trading
The low open interest tends to dry liquidity and reduce volatility. Nowadays, XRP is trading at $ 2.17, after an increase of 11.44 % on the weekly graph. However, digital assets failed to regulate a penetration process over $ 2.20 – at least one decisive one has not been immediately canceled.
On the other hand, increases in the XRP trading volume created a strong level of demand at prices below $ 2, making it unlikely that this level of support is likely to be penetrated.
The XRP trading amount on the stock exchanges has recently reached its lowest level in one month, which leads to the pressure of the sale. On the other hand, the XRP step, which costs 200 million Ripple, can sell – that will take a long run in the face of low stock market reserves.
Even this point, no strong clear novel has emerged enough to overcome feelings at the market level. It has become increasingly clear that the effect of Ripple’s legal victory in its case with SEC may be already priced. Without a clear, clear catalyst or market morale, the distinctive symbol is likely to trade in a range of $ 2 to 2.10 dollars, with cross resistance to 2.20 dollars.
Distinctive image via Shutterstock
