Ripple (XRP) SHORT Traders Enter 7-day Winning Streak —Here’s the Next Price Move

Key Insights:

• Ripple (XRP) price stood at $0.48 on Friday, October 13.
• The 12% price decline from $0.54 to $0.48 makes XRP one of the biggest weekly losers among the top 10 crypto rankings.  
• Derivatives market data shows that more XRP LONG trades have been liquidated than SHORTS in each of the last 7 trading days. 

Ripple’s (XRP) price stood at $0.48 on Friday, October 13, after scoring 12% losses this week. With SHORT traders in firm control of the XRP derivatives markets, technical analysis data depicts how XRP price could move in the days ahead. 

Short Traders Have Dominated XRP Markets For 7 Consecutive Days

XRP initially made a positive start to October as the bulls attempted to break the $0.55 resistance. But as reported by FXEmpire, XRP markets took a tepid turn on October 7 when Binance announced the decision to deprecate its XRP/BUSD trading pair. Since then, the bears have seized control, and the latest derivatives market data compiled by Coinglass clearly depicts this. 

XRP LONG position holders have copped more losses than short traders in each of the last seven trading days, dating back to October 7. And during that period, over $9 million worth of XRP LONG trades have been liquidated. 

The Total Liquidations chart take daily records of the total value of closed LONG and SHORT trades during a given time frame. As seen above, the bears have gained the upper hand in 7 consecutive trading days, as the bulls keep closing their positions. 

However, it remains to be seen if highly-leveraged XRP LONG traders holding positions below the $0.48 will pile on buy pressure to avert further losses. 

XRP Price Prediction: All Eyes on $0.45

In conclusion, with XRP is currently valued at $0.481, the daily-time frame technical analysis provides essential insights into its potential price movements. 

The 20-day Simple Moving Average (SMA-20) suggest that the immediate lower support level is approximately $0.47.  However, the next significant support level at $0.45 should be closely monitored, it could act as key price floor in case of a larger downward trend. 

Conversely, with XRP fast approaching oversold territory, it could soon start generating buying interest. In that case, it the bulls will face intial resistance at $0.52, with the $0.55 presenting a much larger obstacle.