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XRP Price Analysis: Bears Force a Retest of $0.45 with This $595 Million Move

XRP Price Analysis: Bears Force a Retest of alt=
XRP Price Analysis: Bears Force a Retest of alt=

This reflects a 14% increase in capital inflows over the past two weeks. In comparison, however, the price of XRP has fallen by 5% during this period.

When open interest increases during a price downtrend as observed above, it indicates that bears are controlling the market and are building more short positions.

This pessimistic sentiment is further reinforced by the negative price movement, which indicates increased selling pressure and lack of investor confidence in a short-term price recovery of XRP.

XRP Price Prediction: Bears Target $0.45

XRP price has surged sharply, reclaiming the $0.48 mark at the time of writing on June 28. However, the rise in open interest to $595 million amid market volatility suggests that bears could force another reversal to the $0.45 mark in the coming days.

Moreover, technical indicators in the daily XRP price chart also confirm this pessimistic forecast.

The chart shows that the XRP price is struggling to maintain its upward momentum, with the Bollinger Bands indicating potential volatility. Currently, the price is trading at around $0.4799, which is close to the middle range ($0.4851). This suggests that XRP is in a relatively neutral zone but could be prone to further bearish moves if it fails to break above the key resistance levels.

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