XRP Beats Major Cryptos Up 4%, Price Reaches $0.73?
In the year As of September 15, 2024, the entire cryptocurrency market including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) has been struggling to gain momentum. In the midst of this market downturn, Ripple's native token XRP has outperformed these major cryptos with a 4% price jump and is currently garnering a lot of attention from investors and traders.
Why XRP Skyrockets
XRP looks poised for a massive upward movement, likely due to a number of positive developments, including:
Recently, in the United States, the Grayscale XRP trust announcement, Ripple's Chief Legal Officer (CLO) announced that the XRP lawsuit has officially ended, and the amount of the fine will be reduced from $2 billion to $125 million.
These recent positive developments have attracted investors and institutions and created optimism in the market.
Current price performance
At press time, XRP is trading near the $0.597 level and has seen a price increase of over 4% in the last 24 hours. During the same period, the trading volume decreased by 2 percent, indicating low participation of traders and investors in the current market sentiment.
XRP price prediction
According to expert technical analysis, XRP looks bearish as it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame. The 200 EMA is a technical indicator used to determine whether an asset is trending up or down.
According to the current market sentiment, XRP is moving towards the $0.65 level, the upcoming resistance level. Based on the historical price progress, if XRP closes a daily candle above the $0.65 level, there is a strong possibility that it will reach the $0.75 level in the coming days.
XRP's Bullish On-Chain Metric
This bullish attitude is further supported by chain measurements. According to Coinglass data, XRP's long/short ratio currently stands at 1.027, indicating market sentiment. Additionally, 50.36% of top traders hold long positions and 49.64% hold short positions, indicating that bulls dominate the asset.
Moreover, open interest in XRP futures increased by 9% in the last 24 hours and continues to grow, indicating growing bullish betting on long positions.
