Emergency alert! XRP is set to skyrocket, eyes $0.75 level
Ripple's native token XRP has formed a head-and-shoulder price action pattern. This bullish attitude towards XRP is getting a lot of attention from the crypto community. However, this view came after a month of continuous battles and a recent victory against the US Securities and Exchange Commission (SEC).
XRP price prediction
According to expert technical analysis, XRP looks bullish as it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame. Above the 200 EMA indicates that the asset price is in a bullish trend.
In addition to XRP's growth, it has created an inverted head and shoulders price pattern. Based on historical price progress, if XRP gives a hint of this price action pattern and closes above $0.65 on a daily candle, there is a high possibility that XRP could rise by 15% to reach the resistance level of $0.75.
Since XRP has reached this level three times since 2023, the $0.75 level acts as a strong resistance level, facing strong selling pressure each time. However, if XRP manages to break through this level, a significant rally could follow.
Open demand for XRP is increasing.
Following this pattern of high price action, open demand for XRP rose 12 percent, and has been steadily increasing, according to on-chain analytics firm CoinGlass. This indicates growing interest from investors and traders as XRP nears its breakout level.
At press time, it was trading at around $0.63, up more than 5 percent in the last 24 hours. Meanwhile, the transaction volume has increased by 30 percent, which shows that the participation of traders is high.
Major liquidity levels in XRP
Currently, the main liquidity levels are $0.596 on the low side and $0.651 on the upper side, with traders adding more over the past 24 hours, according to CoinGlass data.
If the market sentiment remains the same and the price rises to $0.651, about $11.81 million worth of short positions will be liquidated. On the contrary, if the sentiment changes and the price falls to the $0.596 level, about $22.90 million of long positions will be lost.
This shows that the bulls are back in action and there is a high possibility that XRP will experience a breakout and reach the $0.75 level.
