- XRP could rise 17% to reach the USD 0.65 level if it closes a daily candle above the USD 0.558 level.
- Combining these on-chain metrics with the technical analysis, it appears that bulls are dominating the asset.
Amid continued bullish market sentiment in the cryptocurrency landscape, XRP has finally emerged from a prolonged consolidation phase and signals a potential upside.
Whale adds 52 million XRP tokens
Blockchain-based transaction tracker Whale alert posted on X (formerly Twitter) that a crypto whale withdrew a whopping 52 million XRP tokens worth $28.67 million from South Korean cryptocurrency exchange Bybit.
Despite the market recovery, XRP has lagged in profits so far, but on-chain metrics indicate a shift.
Source:
XRP Technical Analysis and Key Levels
According to AMBCrypto’s technical analysis, XRP appears bullish as it has broken out of a three-week consolidation zone and the 200-day Exponential Moving Average (EMA).
Despite this bullish outlook, it remains uncertain whether assets will rise or continue to consolidate until XRP closes its daily candle.
Source: TradingView
Based on recent price action and historical momentum, if XRP closes a daily candle above $0.558, there is a strong possibility that the asset could rise 17% to reach the $0.65 level in the coming days.
Bullish statistics in the chain
At the time of writing, XRP’s key liquidation levels were at $0.537 on the downside and $0.57 on the upside, with traders being over-leveraged at these levels, according to on-chain analytics firm Coinglass.
Source: Coinglass
If sentiment remains bullish and the price rises to $0.57, short positions worth nearly $5.88 million will be liquidated.
Conversely, if sentiment changes and the price falls to the $0.537 level, long positions worth approximately $13.3 million will be liquidated.
Currently, XRP Open Interest is up 2.5% over the past 24 hours, indicating that trader interest has increased after the outbreak. In fact, it appears to be a bullish sign for XRP holders.
On the other hand, XRP’s long/short ratio stands at 0.98 at the time of writing, indicating weak interest from traders.
Combining these on-chain metrics with the technical analysis, it appears that bulls are currently dominating the asset, although their strength remains relatively weak.
However, the overall sentiment for XRP is bullish at the moment.
Read XRP’s Price Prediction 2024 – 2025
Current price momentum
At the time of writing, XRP was trading around $0.5532, having risen more than 2.35% in the past 24 hours.
During the same period, trading volume has skyrocketed by 115%, indicating significant participation from traders and investors, likely due to the recent outbreak.
Credit : ambcrypto.com
