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Cryptocurrency News Articles
XRP Price Prediction: Will Ripple Retest $0.70 as Taker Buy/Sell Ratio Turns Bullish?
Sep 25, 2024 at 03:00 am
Ripple's (XRP) price recently surged to $0.60, prompting renewed optimism around the broader market. While the price has again slid below the threshold, several indicators suggest that the token could bounce like it did six months ago.
Interest in XRP Surges as Price Nears Resistance Level
The price of Ripple’s (XRP) native token recently experienced a surge, reaching the $0.60 level and sparking optimism in the cryptocurrency market. However, XRP’s price has since slipped below this threshold. But several indicators point toward a potential XRP price recovery, similar to the rally observed six months ago.
In March, XRP’s price soared to $0.72, and this analysis explores how the token could rally once more, approaching that level.
Key Takeaways
XRP’s Taker Buy/Sell Ratio surged on September 21 as XRP's price climbed to $0.60, indicating bullish sentiment.
Despite XRP’s recent price decline, the Taker Buy/Sell Ratio remained above 0.9, suggesting optimism among XRP traders.
Technical analysis shows XRP facing resistance at $0.60 and support at $0.57, indicating a potential trading range.
If XRP breaks through the upper resistance level at $0.67, its next target could be a 20% rally toward the $0.70 price level.
Interest in Ripple’s Native Token Picks Up
According to data from CryptoQuant, XRP’s Taker Buy/Sell Ratio rose to 1.06 on September 21, coinciding with the cryptocurrency’s climb to $0.60. However, the following day, the ratio dropped to 0.88.
The Taker Buy/Sell Ratio is an indicator that measures the volume of buys versus sells in the derivatives market. Values above 1 for this indicator signal bullish sentiment, while values below 1 indicate bearishness.
As of this writing, the XRP Taker Buy/Sell Ratio has climbed back to 0.93, suggesting that traders may still be optimistic about XRP and that the recent decline could be temporary.
Another indicator that could be signaling a potential bullish outlook for XRP is Ripple’s Open Interest (OI). Open Interest represents the total number of open contracts in the derivatives market. When OI increases, it indicates that traders are allocating more money to XRP, gaining greater exposure to the cryptocurrency.
In contrast, a decrease in OI suggests that net positioning is declining, with liquidity being pulled from the market. According to data from Santiment, XRP’s Open Interest has risen to $710 million.
This increase suggests that XRP’s price could recover some of its recent losses, as more traders are engaging in the market.
XRP Price Prediction: Bullish Moves Ahead
On the daily chart, the token seems to be facing resistance at $0.60. Due to this, the XRP’s price dropped to $0.58. However, the same chart shows notable support at $0.57, suggesting that the altcoin might not slide below this region in the short term.
A long-term analysis reveals that $0.70 is a key level that attracted significant liquidity in the past. If XRP experiences increased buying pressure, it could potentially break through the upper resistance level at $0.67 and move toward $0.70.
If XRP surpasses the $0.67 resistance level, its next major target could be a potential 20% rally toward $0.70. However, if the cryptocurrency faces rejection, it could fail to reach this goal and instead drop to $0.52.
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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