As of September 15, 2024, the overall cryptocurrency market has struggled to gain momentum, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Amid this market downturn, Ripple’s native token XRP has outperformed these major cryptos with a 4% price increase and is currently gaining significant attention from investors and traders.
The Reason Why XRP Is Skyrocketing
It appears that XRP is poised for a massive upward move, possibly due to several positive developments, including:
- The recent announcement of the Grayscale XRP trust in the United States.
- Ripple’s Chief Legal Officer (CLO) has announced that the lawsuit against XRP is officially over.
- The reduction of the fine from $2 billion to $125 million.
These recent positive developments have attracted investors and institutions and are creating optimism in the market.
Current price development
At the time of going to press, XRP is trading around the $0.597 level and has witnessed a price increase of over 4% in the past 24 hours. During the same period, the trading volume decreased 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 towards the $0.65 level, the upcoming resistance level. Based on the historical price momentum, if XRP closes a daily candle above the $0.65 level, there is a high chance of it reaching the $0.75 level in the coming days.
XRP’s Bullish On-Chain Metrics
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 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 future open interest has increased by 9% over the past 24 hours and continues to rise, indicating an increasing bullish bet on long positions.
