XRP Price Focus: Analyzing the Recent Market Corrections
XRP Price Analysis: Market Correction Insights
Ripple (XRP) experienced a notable 6.60% correction on September 16, resulting in a loss of over $2 billion from its market cap. This downturn brought XRP towards $0.57. On-chain data reveals that traders are currently adopting a neutral stance as they prepare for the US Federal Reserve rate decision scheduled for September 18.
XRP Price Performance Amid Fed Decision
- XRP emerged as a top performer last week, greatly influenced by positive macroeconomic indicators.
- News of Grayscale incorporating XRP into its cryptocurrency trust portfolio helped drive the price to a 20-day peak.
However, following the surge to the $0.60 mark, bullish momentum has waned.
XRP Bearish Trend: Short Positions Surge
Despite expectations that a rate cut could revitalize risk assets, bearish traders are increasingly opening short positions against XRP. Presently, the leverage short positions against XRP have reached $31.92 million, indicating strong bearish sentiment.
What's Next for XRP?
The current resistance for XRP remains at $0.60. A failure to sustain support at $0.55 could lead to further declines towards $0.50. Traders are advised to stay cautious as market conditions evolve.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.