I am Bai Yue. Just now, I was staring at the market and found that XRP is stuck at an extremely critical position on the 1-hour chart, around $2.07. At the same time, an intriguing piece of news has circulated: one of South Korea's largest exchanges, Upbit, has seen its total trading volume decline by more than 25% in the past 24 hours, yet XRP has defied the trend and become the most traded cryptocurrency in its Korean won trading pairs, accounting for over 17%! What does this stark contrast tell us? Today, let's clarify this based on both the news and technical analysis.
News: Why do Koreans particularly favor XRP?
Data shows that despite the overall light trading on Upbit (possibly related to the market's overall wait-and-see attitude or local regulatory dynamics), Korean investors' enthusiasm for XRP has not diminished at all, with trading activity far exceeding that of ETH and BTC. What does this indicate?
Local confidence is strong: In the Korean market, XRP has a solid community and trading foundation, and even when the overall market is quiet, it remains one of the focal points of capital.
Significance of the barometer: Often, the sustained activity in local markets can partially hedge against the overall weakness, providing potential support for prices. But remember, this cannot completely offset the risks of the overall market.
Technical aspect: The secrets revealed by the 1-hour chart
Talking through the chart, the current price is repeatedly testing around 2.077 US dollars, currently just above the 'critical point' marked in the chart at 2.0700 US dollars.
Resistance and support: Above, the rebound resistance is at 2.22 US dollars, and strong resistance is at 2.35 US dollars. Below, the first target support is at 1.96 US dollars, and further down is at 1.80 US dollars. The current position is the 'stronghold' that bulls and bears must compete for in the short term.
Indicator signal: The technical indicator double line below has fallen below the 0 axis, showing a 'death cross' trend, and the volume is insufficient, indicating that the short-term trend is indeed weak, with bears dominating. However, it is important to note that the indicator has also entered the 'oversold' area, like a spring being overly compressed, which may trigger a technical rebound at any time.
Comprehensive views and operational suggestions
The current situation is: short-term bearish, but it is not advisable to blindly sell off; the local market has heat, but caution is needed regarding the overall insufficient volume.
Key position closely monitored: The key position at 2.07 US dollars is the current 'eye of the storm'. If it can stabilize and is accompanied by increased volume, there is hope for a rebound test towards the resistance level of 2.22 US dollars. If it effectively breaks down, it may test the support at 1.96 US dollars or even deeper.
Market correlation: XRP's strength in the Korean market reminds us that it possesses a specific community and regional resilience, which may delay the decline during a general market downturn or act as a pioneer during a rebound. However, it is ultimately part of the market, and the overall direction of the big pie and global trading sentiment are still decisive factors.
What retail investors need to do is 'patiently wait for opportunities, act decisively and accurately'. Follow Bai Yue, come into the village to get daily shared real-time strategies + cutting loss guidelines!
