What to know:
- XRP continues to face struggles, with a decline in price despite an uptick in trading volume.
- The analyst warns that many investors are “exit liquidity” as XRP’s market bottom remains uncertain.
- XRP remains in a range market, but long-term price targets predict significant future growth.
On Tuesday, March 31, XRP has seen a decline in the last 24 hours, which is a continuation of its struggles in the market. Although there has been some increase in trading volume, XRP is still having a hard time, having decreased in the past week.
As of press time, XRP is trading at $1.31, showing a decline of 2.65% in the past day. The trading volume is up by 12.12% and is currently standing at $1.9 billion. Over the last week, the XRP coin price has decreased by 7.34%, according to CoinMarketCap.
XRP Bottom Unconfirmed, Temporary Rallies Ahead
Analyst Egrag Crypto highlighted that an investor is either “early” or “exit liquidity.” He also pointed out that many people in the crypto space are only about hype and commissions rather than actual analysis. This often results in improper market positioning.
The analyst chose not to promote the continuation blindly when the price of the token was at $2. He is waiting for confirmation before making any decision relying on breakout analysis.
The macro bottom for XRP is not yet confirmed, according to the analyst. The rallies experienced in the market are temporary. The price needs to move above $2 for the potential trend shift. Until then, the market remains uncertain.
However, cryptocurrency is stuck in a range market. The analyst is concentrating on day trading, but only with a small percentage of his total holdings.
Also Read: Dogecoin Slides as Liquidations Spike and Support Weakens
XRP Price Targets Remain Unchanged
Some retail investors who sold out when the price was $2.60 are not willing to buy when the price is low, hence losing out on possible opportunities.
However, his approach is not reactive but rather a strategic approach based on analysis. Having already sold into strength at $3, he is ready to add to his position if the price falls further. This strategy is driven by a deep understanding of market structure.
However, the analyst maintains his price targets for the token, which range from $15 to $50+. While these targets may seem unrealistic to some, the analyst believes that they are achievable under the right market conditions.
Volume and Open Interest Decline
CoinGlass data shows a decline in future volume by 5.29%, which is currently at $2.89 billion. The open interest also decreased by 4.41% to $2.45 billion. The OI-weighted funding rate for the token is -0.0071%.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: XRP Accumulation Builds as Shorts Dominate — Breakout Next?
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