XRP trades above $1.32 after breaking falling channel, faces EMA resistance

XRP extended its recovery on Thursday, climbing above $1.32 as technical indicators and derivatives data pointed to easing selling pressure. The cryptocurrency broke above the upper edge of a falling channel pattern, which some market participants interpret as a potential signal of a broader rebound if buyers retain momentum. Recent derivatives market data revealed improved conditions for XRP following the wider cryptocurrency market’s recent downturn. CoinGlass reported that funding rates for XRP futures turned positive on October 30 and remained above zero on Thursday. The present funding rate stands at 0.0103%, indicating an increased willingness among traders to adopt leveraged long positions. In perpetual futures markets, positive funding rates typically mean that traders with bullish expectations are now paying those holding short positions, reflecting greater demand for upward price exposure.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to CoinTurk News.