XRP Surges After Breakout: Could It Hit $0.75 Soon?
On September 28, 2024, XRP, Ripple’s native token, broke out of a key consolidation range, setting the stage for a potential price rally.
After trading between $0.56 and $0.59 since September 12, this breakout has shifted market sentiment from bearish to bullish.
XRP’s upward momentum has arrived after delays compared to major cryptocurrencies like Bitcoin, Ethereum, Solana, and Binance Coin. While many of these assets were experiencing corrections, XRP surged over 5.2%, hitting around $0.62, which also led to a 64% increase in trading volume.
Despite this rise, XRP is facing resistance at $0.647. However, it remains in an uptrend, trading above the 200-day Exponential Moving Average (EMA). Analysts believe that if XRP can break the $0.65 resistance and maintain a daily close above this level, it could gain another 15%, potentially reaching $0.75 soon.
READMORE: Can Solana Catch Up to Ethereum? Analysts See Potential for Major Gains
The bullish outlook is supported by favorable on-chain data. The Long/Short ratio is at 1.027, indicating strong bullish sentiment. Open interest has also increased significantly, rising by 17.9% over the last 24 hours, suggesting traders are more inclined to take long positions. Currently, 51.25% of top traders are holding long positions, further affirming the bullish dominance for XRP.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
