XRP Holds Above $1.30 as Derivatives Indicators Show Mixed Signals

XRP has rebounded to around $1.30, but mixed derivative metrics suggest limited market confidence in sustaining an upward trend. CoinJournal reported on the 17th that XRP's long-short ratio stood at 1.06, indicating larger long positions compared to short ones. At the same time, funding rates recorded -0.0040%, reflecting stronger demand for short positions in the futures market.

Technical indicators showed some recovery signals as XRP traded above both its 50-day EMA at $1.284 and 100-day EMA at $1.255. The area between $1.25-$1.28 is considered a key support zone during price corrections. While trading above these moving averages suggests some recovery in buying pressure, the trend reversal cannot be confirmed by a single indicator alone.

Momentum indicators remain neutral, with RSI hovering around 46 below the midpoint and MACD still positioned below zero. The short-term pivot point is at the 200-day EMA of $1.353. CoinJournal noted that if XRP closes above this level on a daily basis, it could target $1.90 as the next resistance. Failure to break through may see the price remain within its current range with renewed pressure near $1.30.

CryptoQuant's metrics also suggested caution, showing overheating signals in both spot and futures markets for XRP, with a selling bias observed in futures. Increased retail activity combined with leveraged positions concentrated on one side could heighten volatility. However, these indicators merely point to potential volatility without confirming price direction.

FXStreet had previously reported different metrics on the 15th, showing a long-short ratio of 1.15 and positive funding rates at 0.0085%, reflecting buying pressure. Since then, the ratio has decreased to 1.06 while funding turned negative, indicating that market participants' positions have not aligned in one direction following price recovery.

CoinGlass data shows XRP trading at $1.3029, with 24-hour futures volume of $469 million and open interest of $275 million. These figures differ from CoinJournal's reported metrics due to different reporting times. Open interest represents the total value of unsettled contracts in futures and options markets.