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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/altcoin/on-chain-data-reveals-bullish-indicators-for-ripples-xrp-price-amid-selling-pressure-at-0-49/">On-chain Data Reveals Bullish Indicators For Ripple’s XRP Price Amid Selling Pressure At $0.49</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p><p>Today, the crypto market witnessed a slight sell-off, with Bitcoin slipping below its crucial $26,500 mark, dragging the market into a dip. This downturn was influenced by a shift in funds and growing investor interest in rising altcoins such as ChainLink. Yet, XRP didn’t benefit from this capital influx and dipped under $0.5. Despite this, various on-chain indicators hint at increased bullish momentum, pointing to a potential ‘buy the dip’ opportunity for the altcoin.&nbsp;</p><h2 class="wp-block-heading" id="xrp-traders-bet-against-price-drop">XRP Traders Bet Against Price Drop</h2><p>Amid today’s sell-off, XRP experienced a significant liquidation, struggling to find buying interest above the $0.5 level. This led to many investors closing their long positions, weakening XRP’s resistance level. Data from Coinglass indicates that long positions worth over $2 million were liquidated as XRP’s price dipped below $0.5.</p><figure class="wp-block-image"><img src="https://lh3.googleusercontent.com/NcI6ogoTyxQ67yiLMKawehDpIPzHLcoboClQLXbLSALRdYjY_SaTDgz6GWHycpFAXvPE5VnQ_Gh_eBtZUdezK6hTh7C3g30GqPFZQ409kInFh9cOfDJ9jkyQTumrEOpkoErEfwwqyYzwXObdWH0rf14" alt=""></figure><p>Yet, the <a href="https://coinpedia.org/news/ripple-cto-responds-to-allegations-of-xrps-centralization-and-empowerment-of-the-elite/" rel="noopener noreferrer nofollow">sentiment shifted</a> when XRP reached the $0.49 low, indicating a surge in buying interest near this dip. The current long/short ratio stands at 1.16, tilting in favor of bulls who opened positions on the $0.49 dip. The data suggests a bullish sentiment among traders, with long positions making up 53.9% and short positions at 46.1%.&nbsp;</p><figure class="wp-block-image"><img src="https://lh4.googleusercontent.com/unwXqPb2-bQrH_xq8Y85xioiZSn5GFvGyhZ4u2Mj33bdWZx7s30DdehuQNrPsVThr2W4zXPBbIXb0JJQfBIDLG2O8Ov3-bsf_7kONj7XuIRxSRmdukV7M89-r8YXM4Tlkjq_RJ-f_QnTFnH9upjEZ3g" alt=""></figure><p>One of the most telling metrics, the Open Interest (OI) – representing the total count of active futures contracts – has witnessed a notable surge, increasing by $17 million. This uptick in OI is a clear sign of increased trading activity, especially as the price trades near the $0.49 mark. Such a trend suggests that traders are actively becoming bullish at this price point, building a robust support level.</p><p>The growing activity around this dip could increase the possibility that XRP might initiate a recovery rally in the coming days. If this momentum holds, we could see a comeback in XRP’s price.&nbsp;</p><h2 class="wp-block-heading" id="h-what-s-next-for-xrp-price">What’s Next For XRP Price?</h2><p>XRP’s price dropped below its EMA lines in recent hours, weakening the hopes of a bullish comeback. However, bulls are strongly defending a decline below the dip of $0.49 as new buyers joined the market. Currently, buyers are aiming to push the price above EMA20 to strengthen long positions. As of writing, XRP price trades at $0.497, declining over 2.6% from yesterday’s rate.&nbsp;</p><figure class="wp-block-image"><img src="https://lh4.googleusercontent.com/B_3UkEXgM61tBcT44tjGo812rVQ_bh_kJ7LbSx_sjujd8ZlS44dpyDWQTugWaB4-J3HKbq_sAYTNulFbgM7r88ej3eWhM0dSz4ValzPBnsOyrExHZaVz4W2Scl1sKYiZ7NEQDtafEeu234eKfx40HCg" alt=""></figure><p>The price is currently testing $0.486, a crucial support level to monitor. If the price rebounds from here, it indicates a shift in market sentiment from selling at highs to purchasing at lowes. This could lead the bulls to push the price past the resistance zone between $0.525 and $0.56.</p><p>However, if the support of $0.486 is breached, the altcoin might decline towards the next support of $0.459. It’s vital for the bulls to hold this line, as any drop below it would negate the bullish outlook and plunge the XRP price toward $0.42. As the RSI level has reversed its trend from the oversold region and currently trades around 36, it holds bulls’ confidence.&nbsp;</p>

On-chain Data Reveals Bullish Indicators For Ripple’s XRP Price Amid Selling Pressure At $0.49

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