The native token of Ripple, XRP, broke out of one of the most anticipated consolidation zones on September 28, 2024, and is currently in the midst of a huge upward move. XRP has been consolidating between the ranges of 0.56 and $0.59 since September 12.
However, after this breakout, there has been a general shift in attitude from a downward to an upward trend.
XRP’s current price momentum
In contrast to other well-known cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB), it seems that XRP’s positive impetus arrived later.
XRP had seen a sharp price increase of more than 5.2% and was trading close to $0.62 as of the time of writing, but other big cryptocurrencies were experiencing a price drop.
The 64% increase in trading volume during the same period suggests that in addition to the price increase, the coin appears to be attracting a lot of interest from investors and traders.
Technical Analysis of XRP and Future Levels
Expert technical analysis indicates that even though XRP experienced a significant price spike during a market correction, it is coming up against a formidable resistance level of $0.647.
Furthermore, the coin is in an upward trend, consistently trading above the 200 Exponential Moving Average (EMA).
According to experience, there’s a good chance that XRP will surge by 15% to reach the $0.75 level in the upcoming days if it breaks through the resistance level and closes a daily candle above the $0.65 level.
Positive Chain Measurements
Nonetheless, on-chain measures provide further evidence to back XRP’s optimistic prognosis. With a current long/short ratio of 1.027 on Coinglass, traders appear to be rather bullish.
Furthermore, in the past 24 hours, its future open interest has increased by 17.9%, and in the past 4 hours, it has increased by 7.3%. The increasing open interest suggests the sentiment of traders and investors, who may be placing more bets on long than short positions.
At the moment, 51.25% of the most successful traders have long holdings and 48.75% have short ones. Combining technical analysis with all of these on-chain data suggests that bulls are in control of the XRP.
