XRP, Ripple’s native token, is capturing attention in the cryptocurrency landscape following the U.S. presidential election win by Donald Trump. This significant rally has positioned XRP at a pivotal point, with increasing speculation about its potential to soar in the near future.
XRP Technical Analysis and Upcoming Levels
Delving into the technical aspects, CoinPedia’s analysis highlights XRP facing formidable resistance around the $0.75 mark. Historically, this level has been a key zone of selling pressure, often leading to a price drop. However, after March 2024, the dynamic has shifted, with investor and trader sentiment now concentrated on surpassing this barrier.
Examining the latest price movements and historical trends, if XRP successfully breaks through the resistance and closes a daily candle above $0.76, the potential for a significant surge—to the tune of 75%—becomes tangible, with a target of reaching $1.36 in the upcoming days. Nevertheless, this upward journey might encounter obstacles, notably a resistance around $0.95, which could impede the rally.
Currently, XRP is trading above the 200 Exponential Moving Average (EMA) across both daily and weekly charts. Additionally, the Relative Strength Index (RSI) indicates potential bullish momentum, as it hovers in oversold territory, suggesting that a bullish trend may be on the horizon.
Bullish On-Chain Metrics
Complementing the encouraging technical analysis, on-chain metrics further bolster XRP’s positive outlook. Insights from Coinglass, an on-chain analytics firm, reveal a remarkable 22% increase in open interest (OI) over the past 24 hours, with a 7.25% rise in the last four hours. This surge in OI underscores robust trader engagement as XRP nears critical breakout levels, signifying a bullish sentiment.
At present, significant liquidation levels are identified at $0.657 on the downside and $0.736 on the upside. Traders are heavily leveraged at these levels, as per Coinglass data. With $47.56 million and $31.72 million worth of open positions poised at these points, any price movement could trigger liquidations, amplifying market volatility.
Current Price Momentum
As of now, XRP is trading close to $0.68, experiencing a notable 13.5% price surge over the last 24 hours. During this time, trading volume has skyrocketed by 170%, indicating heightened activity from traders and investors, who are keen to capitalize on a potential breakout.
