Ripple (XRP) Price Holds Near $2.85 Support
Ripple (XRP) is trying to stay above the $2.85 support level on Wednesday. The crypto market is calm after a sharp drop the day before. Bulls failed to keep XRP above $3.00 last week. This left the price vulnerable to losses. Early profit-taking and market changes pushed XRP down to $2.82. If the $2.85 support holds, XRP might break above $3.00 soon.
XRP Faces Pressure from Weak Futures Market
Retail interest in XRP is uncertain. Futures Open Interest (OI) dropped to $8.85 billion after hitting $9 billion on Tuesday. OI shows the total value of open futures contracts. A fall in OI means traders may be losing confidence and closing long positions. This often signals a price correction.
Data from CoinGlass shows many traders with long positions are losing money. On Tuesday, $21.17 million in long positions were liquidated. Short positions lost $2.17 million. On Wednesday, long liquidations averaged $3.35 million, while shorts lost about $447,000. This suggests traders expected XRP to break above $3.00 but faced losses instead.
Technical Analysis: XRP’s Short-Term Outlook
XRP is slightly above its 100-day Exponential Moving Average (EMA) at $2.85. Bulls aim to push the price above $3.00. The Relative Strength Index (RSI) is at 45 and rising, showing mild bullish momentum. If RSI moves above 50, it could signal stronger buying pressure and a possible breakout.
Since hitting $3.66 in mid-July, XRP has formed lower highs, indicating a downtrend. The 50-day EMA at $2.92 may act as resistance and slow recovery. Traders should be cautious as XRP could drop to the next support at $2.70, tested in late September. The 200-day EMA at $2.63 may provide further support if the price falls more.
