Ripple (XRP) Falls 3% as Bulls Defend Key Support at $2.7
Ripple (XRP) Price Update:
- XRP's price dropped 3% to $2.78 on October 9, influenced by Bitcoin's market downturn.
- The price fell below the $3 psychological support level. Bulls are actively covering positions to avoid further losses.
- Coinglass data shows $146 million in open short contracts for XRP, compared to $95 million in longs.
- Approximately $55 million in leveraged long contracts are concentrated near $2.7, indicating a defense of key levels.
- Market-wide liquidations reached $679 million, with Bitcoin and Ethereum experiencing the most significant losses.
- XRP bulls lost $17 million, reflecting efforts to cover positions.
Technical Analysis:
- XRP shows a potential double-bottom reversal pattern between $2.6 and $2.8.
- A breakout above $3.1 could lead to a target of $3.6.
- The RSI indicates near-oversold conditions, suggesting a possible short-term bounce.
- If support at $2.7 holds, XRP may rebound to $3.1, potentially breaking out to $3.6.
- Failure to maintain $2.7 could lead to a decline toward $2.50.