XRP Price Moves Sideways Amid September Volatility
Ripple’s XRP is trading in a narrow range between $2.83 and $2.92. The price is supported by the 100-day EMA and faces resistance at the 50-day EMA. Interest in XRP has been low recently, reflecting a bearish mood in crypto during September.
Despite this, XRP is set to finish September with a small gain of about 2.76%, according to CryptoRank data. XRP has made profits in three Septembers in a row, with the biggest gain of 46% in 2022. October has shown mixed returns, so investors should watch technical and economic data closely.
XRP Derivatives Market Shows Mixed Signals
Retail interest in XRP futures has stabilized at lower levels after recent price drops. Open Interest (OI) in XRP futures is around $7.58 billion, down from $8.96 billion on September 19, according to CoinGlass.
If OI rises, it would suggest traders expect XRP to break above $3.00. If OI falls or stays low, it means confidence is weak, keeping XRP in its current range.
The OI-weighted funding rate for XRP futures has increased to 0.0102%. This shows more traders are taking long positions. While positive, very high funding rates above 0.1% can signal risk. Currently, the rate is healthy, encouraging traders to expect a price rise.
Technical Outlook: Support Levels and Risks
XRP is holding near the 50-day EMA at $2.83, but downside risks are rising. The Relative Strength Index (RSI) on the daily chart shows bearish momentum building. This may make it hard for XRP to break above the 50-day EMA resistance.
The Moving Average Convergence Divergence (MACD) has shown a sell signal since September 22. If this continues, bearish sentiment may grow.
If XRP falls below the 100-day EMA at $2.83, the price could drop toward $2.70. Further support lies at the 200-day EMA near $2.61 and the round number $2.50.
