XRP price increased by 19% – will it reach $0.74 soon?

13M XRP Burnt Since Inception, Analyst Notes Key Events That Could Boost Ripple’s Position


XRP is close to a major breakout that could double its price to $1.50. After a 5.1% jump on the last day, it is now at $0.6054 but needs to break through a key level to continue its climb. Meanwhile, Bitcoin shot above $10,000 to hit $89,561, raising hopes that the rally could help lift XRP higher.

If Bitcoin reaches $90,000, it could give XRP the boost it needs for a big move. In particular, XRP has seen a strong rally, now trading at $0.64 after a 19% jump this week. Many investors are looking for XRP to reach its year-to-date high of $0.74, a move supported by positive market indicators and selling pressure diminishing.

While many are enjoying this much-anticipated rally, many are still concerned about the possible fallout due to the November 21st hearing in the Ripple vs SEC case. Before that, let's find out whether XRP can break the stagnant level or not.

Is XRP Price On Break?

A significant decrease in the selling pressure of XRP can be seen in the negative exchange flow rate. According to Santiment, approximately 39 million XRP tokens were recently withdrawn from the exchange, reducing supply and supporting price growth. This trend, where more tokens are moving into private wallets, will heighten sentiment and strengthen the potential for additional benefits.

An increase in open demand indicates fresh market liquidity

XRP open interest now stands at $989 million, up 13% in the last 24 hours. An increase in open interest, especially in conjunction with an increase in prices, indicates that new capital is entering the market. This indicates high liquidity that supports the continued XRP rally. The current positive financial support of 0.047% suggests that traders are optimistic about betting on further price increases.

XRP market overview

Currently, XRP faces resistance at $0.66, a level it has struggled to cross twice since July. Analysts believe that a successful breakout and retest of this resistance could propel XRP to a year-to-date high of $0.74. However, if bullish momentum weakens, XRP could see a correction below $0.60, which could change sentiment and delay further gains.

Overall, XRP market indicators, such as reduced selling pressure, increasing open interest and positive funding volume, paint a promising picture for the cryptocurrency. Buying momentum and a push above $0.66 could soon see XRP reach this year's high. However, a drop below $0.60 could halt the current uptrend, so a watchful eye is advised. Ripple's ongoing legal developments and growing investor optimism add to the overall positive outlook for XRP's recent potential.

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