Surprising Link Between XRP And Crude Oil Revealed By Analyst
Summary
Independent market technician Dom highlights the XRP/USOIL ratio, noting its significance as XRP faces resistance between 0.0418 and 0.0430. This resistance has been tested six times since December, with recent attempts resulting in sharp rejections. Dom emphasizes that a breakout above this range could lead to a new all-time high for XRP. Despite $210 million of XRP being sold in the past week, the token has risen by twenty percent, indicating absorption by liquidity providers rather than retail traders. Dom suggests that monitoring this ratio offers unique insights into price action. Alerts are set for a breakout above the resistance level, while a drop below 0.0394 could lead to further declines. XRP is currently priced at $2.46.
