The post XRP Bulls Take Charge, Will Price Reach $0.65? appeared first on Coinpedia Fintech News
Despite price consolidation within a tight range at a support level, it appears that XRP bulls are back in the market as its trading volume skyrockets. On October 7, 2024, most top cryptocurrencies experienced a notable price surge, but XRP’s price has remained stable over the past 24 hours.
XRP Current Price MomentumÂ
Currently, XRP is trading near $0.538 and has experienced a modest price surge of 0.75% in the past 24 hours. During the same period, its trading volume has skyrocketed by 90%, suggesting strong participation from investors and traders, which is a positive sign for XRP holders.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, XRP appears bullish but has been stuck in a consolidation zone between $0.512 and $0.545 for the past five trading days. Based on recent performance, whenever XRP’s price reaches this level, it tends to experience a 20% rally.
However, if XRP breaks out of this consolidation zone and closes a daily candle above the $0.55 level, there is a strong possibility it could soar by 20% to reach the $0.65 level in the coming days.Â
This bullish outlook is further supported by, XRP’s Relative Strength Index (RSI), which is currently in an oversold territory which signals a potential bullish price reversal in the coming days. However, it is still trading below the 200 Exponential Moving Average (EMA) on the daily time frame, indicating a downtrend.Â
Bullish On-Chain MetricsÂ
Apart from technical analysis, XRP’s on-chain metrics also support this bullish outlook. According to the on-chain analytics firm Coinglass, the major liquidation levels are at $0.53 and $0.563 as traders are over-leveraged at these levels.
However, data shows that bulls have placed over $8.45 million worth of long positions believing the market will not fall below the $0.53 level.Â
In addition, XRP’s future open interest has increased by 3.75% over the past 24 hours and has been steadily increasing, indicating growing trader interest, with many likely betting more on long positions.
 The post XRP Bulls Take Charge, Will Price Reach $0.65? appeared first on Coinpedia Fintech News
Despite price consolidation within a tight range at a support level, it appears that XRP bulls are back in the market as its trading volume skyrockets. On October 7, 2024, most top cryptocurrencies experienced a notable price surge, but XRP’s price has remained stable over the past 24 hours. XRP Current Price Momentum Currently, XRP …Â
This articles is written by : Nermeen Nabil Khear Abdelmalak
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