Analytical company Cryptoquant announced that leverage positions are a major driving force behind XRP Coin price movements. In this context, he warned that this increased the open interest of XRP. This came in the midst of the important fluctuation that hit XRP in the early hours after US President Donald Trump signed an execution order that focuses only on Bitcoin.
XRP Coin saw a fluctuation after Trump’s move!
As you have followed from Kriptokoin.com, US President Donald Trump named the country’s strategic crypto reserve in the country’s strategic crypto reserve, with a few other assets to be included in the XRP. With the influence of this development, the XRP made a big move. The price of XRP Coin exploded with double -digit numbers and reached $ 3 for the first time in a few weeks.
However, this acceleration was short and the XRP quickly fell to $ 2.2. However, a little recovered before the decree that Trump would only focus on Bitcoin but did not mention any other crypto currency, and was $ 2.54 during the article. In this process, the price of the XRP coin suddenly fell by 9 %to 2.37do. However, with the subsequent purchases, he managed to exceed $ 2.50.
“XRP’s price movements can be wild!”
At the same time, Cryptoquant warned that the open interest rate for the third largest digital asset increased by more than 5.5 %in a short period of time, which points to a ‘leverage -fed’ price movement. The analysis company added that XRP’s upcoming price movements may be ‘wild’ and advised investors to manage their risks. In this context, Cryptoquant made the following statement with two graphics:
The open interest rate for XRP Coin increased by 5.63 %and points to a price movement fed with leverage. It means high risk in the market. The leverage cuts both roads, be on a trigger!
Analysts continue to be hopeful for XRP Coin!
Meanwhile, discussions around the US crypto reserve continue. However, many analysts believe that the price of XRP can be ready for a large rally and that it is only a matter of time before it exceeds $ 3.4, the highest level of all time in 2018. Some of them went further and envisaged excessive price increases that could increase the price of XRP to two and even three digits.
