On October 15, 2024, XRP, the native token of Ripple, saw a breakout from its previous consolidation phase, signaling a potential uptrend in the near future. The token had been trading within a tight range for almost two weeks before experiencing a surge in trading volume and price following the filing of its Spot Exchange Traded Fund (ETF) in the United States. This move attracted whales and institutions to acquire XRP tokens, leading to increased market activity.
As of the latest update, XRP is currently trading around $0.548, with a price increase of over 3.6% in the past 24 hours. The surge in trading volume by 90% indicates a higher level of participation from traders and investors post-consolidation breakout.
Technical analysis of XRP suggests a bullish outlook, with the token facing resistance at the 200-day Exponential Moving Average (EMA). While the breakout from the consolidation zone is a positive sign, XRP may encounter challenges until it successfully breaches the 200 EMA and closes above it.
If XRP manages to close a daily candle above the $0.5580 level, there is a strong possibility of a 17% surge towards the $0.65 level or higher, given the current positive sentiment. The Relative Strength Index (RSI) for XRP is in the oversold region, indicating a potential reversal in price in the coming days.
On-chain metrics also support the bullish sentiment around XRP. According to Coinglass, XRP’s Long/Short ratio is at 1.039, signaling strong bullish sentiment among traders. Moreover, the future open interest for XRP has increased by 9.5% in the past 24 hours and 3.9% in the last four hours, indicating growing trader interest and a preference for long positions over short ones.
The combination of bullish technical analysis and on-chain metrics suggests that bulls are currently in control of XRP, paving the way for a potential significant upside rally in the days ahead. Traders and investors are closely monitoring the price action of XRP as it navigates through key resistance levels to determine the next potential price movement.