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Cryptocurrency News Articles
XRP Breaks Out of Consolidation Zone, Poised for Significant Upside Rally
Sep 28, 2024 at 11:43 pm
XRP could soar by 15% to reach the $0.75 level if it closes a daily candle above the $0.65 level. XRP's future open interest has skyrocketed by 17.9%, indicating a strong bullish sentiment among traders
After consolidating for a while, XRP finally broke out of one of the most awaited consolidation zones on September 28, 2024, setting the stage for a significant upswing. XRP has been consolidating between the 0.56 and $0.59 levels since Sept 12. However, this breakout has shifted the overall sentiment from downtrend to uptrend.
But, But, But…. XRP’s bullish momentum seems to have arrived later compared to major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB).
At press time, XRP experienced a massive price surge of over 5.2% and is currently trading near $0.62, while major cryptocurrencies are facing a price correction. Moreover, investors and traders are showing significant interest in the token, leading to a 64% spike in trading volume during the same period.
Despite gaining a massive price surge during a market correction, XRP is currently facing a strong resistance level of $0.647. Moreover, the token is in an uptrend as it trading above the 200 Exponential Moving Average (EMA) on a daily time frame.
Now, Now, Now…. If XRP breaches the resistance level and closes a daily candle above the $0.65 level, there is a high possibility that it could soar by 15% to reach the $0.75 level in the coming days.
But, But, But…. XRP’s bullish outlook is further supported by on-chain metrics. Currently, Coinglass’s Long/Short ratio is 1.027, indicating a strong bullish sentiment among traders.
Moreover, 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 indicates traders’ and investors’ sentiment and they might be betting more on long positions than short positions.
Currently, 51.25% of top traders hold long positions, while 48.75% hold short positions. Combining all this on-chain data with technical analysis, it appears that bulls are dominating the XRP.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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