the XRP The leverage ratio remains in noticeable downward momentum, even as the price holds above the psychological level of $1.35.
For example, the latest XRP Ledger (XRPL) Data from Cryptoquant Sets the estimated leverage ratio on Binance At approximately 0.152.
Although it is slightly higher than the 0.132-0.150 range identified in late March and early April, the number is still in the more distinct region of late 2024.
This type of setup, i.e. no concern for leverage combined with flexible prices, usually precedes a sharp directional movement.
If buying pressure accelerates, XRP could see a significant move as capital returns and the market becomes comfortable with leverage again. However, a downside is also possible if the broader market becomes weak.
Zooming out, it is clear that XRP is on a downward trend year-to-date (YTD), as some indicators indicate The correction phase is not over yet.
XRP price movement
However, XRP has rallied over the past 24 hours, rising 1% to trade at $1.39, although it has underperformed the broader cryptocurrency market, which rose mainly due to… Power in Bitcoin (Bitcoin) which increased by 2.19% during the same period.
This move thus appears to be largely driven by the beta. This means that XRP benefits from Bitcoin’s advance rather than independent demand. With no clear macro catalysts to point to, XRP price has been more reactive than proactive.
In fact, the Altcoin Season Index fell 7% to 38, indicating a shift away from altcoins. As a result, the technical backdrop for XRP does not look particularly bullish, with the token still trading slightly below its 7-day simple moving average (Master’s) at $1.40 and trading volumes were down nearly 30%.
In the near term, XRP faces support at $1.37 and resistance at the 7-day moving average at $1.40. Holding above the daily pivot could open the door to a retest of the latter, while a breakdown below $1.37 risks a deeper pullback towards the recent swing low near $1.28.
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