On September 28, 2024, Ripple’s native token XRP broke through one of the most eagerly anticipated consolidation zones and is now positioned for a substantial upside rally. Since September 12, XRP had been consolidating between $0.56 and $0.59 levels. However, following this pivotal breakout, the overall market sentiment has shifted dramatically from a downtrend to an uptrend.
XRP Current Price Momentum
It appears that XRP’s bullish momentum has arrived later compared to major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB). At press time, while major cryptocurrencies are undergoing a price correction, XRP has experienced a significant price surge of over 5.2%, currently trading near $0.62. This price surge has piqued the interest of investors and traders, leading to a 64% spike in trading volume during the same period.
XRP Technical Analysis and Upcoming Levels
Expert technical analysis indicates that despite the considerable price surge during a market correction, XRP is facing a strong resistance level at $0.647. The token is in an uptrend, trading above the 200 Exponential Moving Average (EMA) on a daily time frame. Based on recent performance, if XRP breaches this resistance level and closes a daily candle above the $0.65 mark, there is a strong possibility that it could soar by 15%, potentially reaching the $0.75 level in the coming days.
Bullish On-Chain Metrics
XRP’s bullish outlook is further supported by on-chain metrics. Coinglass’s Long/Short ratio currently stands at 1.027, indicating a strong bullish sentiment among traders. Additionally, its future open interest has skyrocketed by 17.9% in the last 24 hours and 7.3% in the last four hours. This rising open interest suggests that traders and investors are potentially betting more on long positions than short positions.
Currently, 51.25% of top traders hold long positions, while 48.75% hold short positions. When combining all this on-chain data with technical analysis, it appears that bulls are dominating XRP.
