XRP bull trap lurks below $2.95 — Will altcoin traders take the bait?
An XRP price drop below $2.95 could be a bull trap to collect downside liquidity, but the same scenario could be followed by a 45% rally to new highs.
XRP (XRP) is set to close its largest monthly candle in two days, surpassing its previous high of $2.07 by more than 40%. The altcoin has maintained a higher structure on the daily chart over the past three months but has struggled to establish price acceptance above its previous all-time high of $3.40.
XRP monthly chart. Source: Cointelegraph/TradingView
While the altcoin has maintained a position above $3 since Jan. 15, futures traders might be tussling under the aforementioned price level.
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Author: Biraajmaan Tamuly
