As of September 15, 2024, the overall cryptocurrency market has been struggling to gain momentum, affecting major players like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Amid this market downturn, Ripple’s native token XRP has outshined these major cryptocurrencies with a notable 4% price jump. This surge has started to attract significant attention from investors and traders.
The Reason Why XRP Skyrockets
XRP appears poised for substantial upside momentum, potentially driven by several positive developments. Key factors contributing to this surge include:
- The recent announcement of the Grayscale XRP trust in the United States.
- Ripple’s Chief Legal Officer (CLO) announcing that XRP’s lawsuit is officially over.
- The reduction of the penalty from $2 billion to $125 million.
These positive developments have attracted investors and institutions, sparking renewed optimism in the market.
Current Price Performance
At press time, XRP is trading near the $0.597 level, experiencing a price surge of over 4% in the last 24 hours. During the same period, its trading volume declined by 2%, indicating lower participation from traders and investors amid the current market sentiment.
XRP Price Prediction
According to expert technical analysis, XRP appears bullish as it is trading above the 200 Exponential Moving Average (EMA) on the daily time frame. The 200 EMA is a technical indicator used to determine whether an asset is in an uptrend or downtrend.
Given the current market sentiment, XRP is heading toward the $0.65 level, its upcoming resistance level. Based on the historical price momentum, if XRP closes a daily candle above the $0.65 level, there is a strong possibility it could reach the $0.75 level in the coming days.
XRP’s Bullish On-chain Metric
This bullish outlook is further supported by on-chain metrics. According to Coinglass data, XRP’s Long/Short ratio currently stands at 1.027, indicating a bullish market sentiment. Additionally, 50.36% of top traders hold long positions, while 49.64% hold short positions, showing that bulls are dominating the asset.
Moreover, XRP’s future open interest has increased by 9% in the last 24 hours and continues to rise, signaling growing bullish bets on long positions.
