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Ripple (XRP) is in a significant bearish state, trading at 2.12 Dollar at the time of writing this report on Wednesday. The bearish wave is causing volatility in the broader cryptocurrency market amid a prolonged sell-off.
Since XRP reached its all-time high of 3.66 Dollar on July 18, the general trend of resistance has been downward. Macroeconomic uncertainty, profit-taking, and the absence of significant price catalysts are among the factors affecting the trading of the cross-border digital currency.
The demand for XRP did not rise following the debt reduction event on October 10, which led to the liquidation of more than 19 billion dollars worth of cryptocurrency in a single day.
CoinGlass data in the XRP derivatives market shows that the average open interest for futures (OI) reached $3.85 billion on Wednesday, slightly up from $3.6 billion on Tuesday but well below the $4.17 billion recorded on November 1.
Open interest chart for XRP.
There is a need for a steady increase in OI to support the short-term recovery of XRP, indicating that investors have confidence in the token and the ecosystem and are willing to increase their risk exposure.
Meanwhile, the weighted funding rate for XRP OI rose to 0.0090% on Wednesday from 0.0005% on Tuesday, as traders increasingly accumulate long positions.
The cross-border remittance token must stabilize above the short-term support level between 2.07 and 2.10 USD to improve risk appetite. Otherwise, other weakness indicators may reinforce negative expectations.
XRP OI weighted funding rate chart.