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Cryptocurrency News Articles
Captain Faibik Identifies Ripple's XRP Coin as Having Great Breakout Potential
Sep 29, 2024 at 07:00 pm
Captain Faibik, a popular analyst, has identified Ripple's coin, XRP, as having great breakout potential.
Popular analyst Captain Faibik has flagged Captain Faibik, a well-known analyst, has highlighted XRP, the native coin of Ripple, for its strong breakout potential. In a tweet, he shared a chart showing XRP poised for a massive breakout after breaking out of the upper border of a Symmetrical Triangle pattern on the weekly time frame. He pointed to a mid-term target of $2.3 for XRP, which is beyond the triangle pattern's current peak.
Seems like $XRP finally is heating up for Massive Breakout 🔥
Midterm target : 2.30$#Crypto #XRP #XRPHolders pic.twitter.com/6xMVjw0dGq
— Captain Faibik 🐺 (@CryptoFaibik) September 28, 2024
XRP is currently trading at around $0.625, up 6.32% in the past 24 hours. This gain is particularly significant as it comes at a time when major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are seeing slight corrections from previous rallies.
The upward move in XRP in such a scenario signals a fresh and strong interest in Ripple’s token, suggesting that market participants see value and potential growth in XRP.
Growing Trader Confidence and Surging Derivative Volume Signal XRP Potential
On the other hand, CoinGlass data shows that XRP's 24-hour Long/Short ratio currently stands at 1.0333. This figure indicates a slight positive sentiment among traders as there are marginally more long holdings than short positions. This reflects growing confidence in XRP's bullish continuation, suggesting that more traders are betting on a sustained price increase.
Moreover, XRP derivatives volume has surged massively by 297.45% to reach $3.88 billion. This striking increase in derivative trading volume points to heightened trading activity and interest in XRP, suggesting that more investors are seeking to capitalize on its anticipated price movements.
Previously, CNF covered a strategic alliance between SWIFT and R3. This partnership aims to integrate SWIFT's Global Payments Innovation (GPI) into the Corda R3 platform, utilizing XRP as a liquidity bridge.
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