๐ตโจ Is the price of XRP preparing for a new bullish phase?
With the bears' control declining... Are traders turning to aggressive buying?
The XRP token is witnessing notable movement on the charts, with strong signals suggesting that the long bearish trend may be nearing its end. It seems that buyers have started to gradually regain control, especially after the price bounced back from a historically strong support area.
๐ก๏ธ๐ The main support for XRP
Chain data reveals that level 1.75 represents one of the most important support areas, with approximately 1.80 billion XRP accumulated at this price, reflecting investors' belief that the area is low risk and capable of attracting demand.
๐ ๐ Has the bearish phase ended?
Recent candle movements indicate the formation of a bullish 'Morning Star' candle pattern at the support area, which is a technical signal that often precedes a clear trend reversal.
Additionally, the price rebound from level 1.85 provides additional strength to the likelihood of the end of the decline, especially after a drop of more than 29% during the recent bearish market wave.
๐๐ Notable increase in price
XRP rose over 4.55% today, nearing the end of a losing streak that has dominated its trading in recent weeks.
At the time of preparing the report, the price was moving around level 2.03, recording a daily increase of about 6.50%.
Despite this rise, trading volume remains weak after a drop exceeding 50%, indicating caution among market participants.
๐๐ Technical outlook โ what to watch for?
๐งฉ๐ General trend
The price continues to trade below the 200-day exponential moving average, indicating that the general trend remains bearish from a technical perspective.
Butโฆ
Today's rise and the formation of the bullish pattern indicate the possibility of a gradual improvement in the picture.
๐ โจ Technical indicators
๐น The Morning Star pattern is clearly appearing on the daily frame
๐น Level 1.85 has proven its ability to stop the decline
๐น The ADX index has surpassed 34, indicating the strength of the current momentum
๐น The CMF indicator remains in negative territory at -0.07, indicating continued selling pressure and weak liquidity flow
๐๐ Whale and trader activityโฆ shifting towards bullish
Recent data indicates a significant decline in XRP reserves on trading platforms, with an outflow of nearly 3 million XRP recorded.
๐ธ This usually means a shift of investors towards long-term holding instead of selling.
On the fast trading side, it seems that traders are watching whale movements, as the percentage of long positions in leveraged contracts has increased, reflecting growing confidence in price increases.
๐งฑ๐ Important liquidation levels
Leveraged data shows that key liquidation points are located at:
๐น 2.006 as strong support
๐น 2.072 as a sensitive resistance
High-leverage positions have accumulated in these areas valued at:
โช 22.55 million in long positions
โช 10.39 million in short positions
๐งญโจ Summary of the scene
โช XRP is testing strong historical support
โช The Morning Star pattern reinforces the chances of a reversal
โช Technical indicators are mixed between momentum strength and weak flows
โช Whales have started pulling balances from trading platforms โ a positive sign
โช Bulls are becoming more aggressiveโฆ but confirmation requires the price to remain above 1.85. #XRP #SYBUS
