XRP is close to a major breakout that could double its price to $1.50. It’s now at $0.6054 after a 5.1% jump in the last day but needs to break past a key level to keep climbing. Meanwhile, Bitcoin shot up by over $10,000, hitting $89,561, which has raised hopes that its rally might help push XRP higher too.
If Bitcoin reaches $90,000, it could give XRP the boost it needs for a big move. Notably, XRP has seen a strong rally, now trading at $0.64 after a whooping 19% jump this week. Many investors are looking for XRP to return to its year-to-date high of $0.74, a move supported by positive market indicators and declining selling pressure.
While many are enjoying this much-awaited rally, many are still worried about the potential fall due to the Nov 21 hearing in the Ripple vs SEC case. Before that let’s know if XRP can break its stagnant phase or not.
Is XRP Price on a Breakout?
A significant reduction in XRP’s selling pressure is evident in its negative exchange flow volume. According to Santiment, around 39 million XRP tokens have been moved off exchanges recently, reducing available supply and supporting price growth. This trend, where more tokens shift into personal wallets, signals bullish sentiment and strengthens the potential for further gains.
Surge in Open Interest Shows Fresh Market Liquidity
XRP’s open interest now stands at $989 million, up 13% in the past 24 hours. Rising open interest, especially alongside price increases, typically indicates that new capital is entering the market. This points to greater liquidity, which supports the prospect of a continued XRP rally. The positive funding rate, currently at 0.047%, further suggests that traders are optimistic, betting on continued price increases.
XRP Market Snapshot
Currently, XRP faces resistance at $0.66, a level it has struggled to surpass twice since July. Analysts note that a successful breakout and retest of this resistance could propel XRP toward its year-to-date high of $0.74. However, if bullish momentum weakens, XRP may see a correction below $0.60, which could shift sentiment and delay further gains.
Overall, XRP’s market indicators, such as declining selling pressure, increased open interest, and a positive funding rate, paint a promising picture for the cryptocurrency. With buying momentum holding steady, a push beyond $0.66 could soon see XRP reaching its highest levels this year. However, a watchful eye is advised, as a dip below $0.60 could stall the current uptrend. Ripple’s ongoing legal developments and growing investor optimism add to the overall positive outlook for XRP’s near-term potential.
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