XRP climbs to $0.53 in market’s best weekly performance – What’s next?

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    XRP has remained in the $0.5 price zone.
    The trade volume increased by over 30% to over $2 billion.

As a researcher with extensive experience in the cryptocurrency market, I’ve been closely monitoring Ripple (XRP) and have observed some intriguing developments over the past few weeks.

Over the past few weeks, XRP, the digital currency by Ripple, has shown remarkable stability. This tranquility reached a peak, resulting in a robust showing and earning a spot amongst the leading weekly gainers.

As a researcher studying cryptocurrency markets, I’ve observed that it experienced a notable increase towards the end of the week. Specifically, there was a double-digit percentage rise. This late-in-the-week surge played a substantial role in the cryptocurrency’s overall weekly growth.

Ripple features among top gainers

Based on information from CoinMarketCap, Ripple (XRP) ranked fifth among the top performers over the past week with a significant increase of more than 21%.

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As a crypto investor, I’ve observed some impressive gains among the leading cryptocurrencies in the past week. Among them, XRP stood out with the most significant percentage increase.

At present, XRP occupies the seventh spot among cryptocurrencies with a market value exceeding $29 billion, representing a growth of more than 3% within the past day.

Furthermore, there has been a substantial rise in trading activity, marked by a 30% hike within the past day, amounting to over 2.6 billion dollars.

Ripple sees consecutive uptrends

As an analyst, I observed a significant daily decrease in Ripple’s value at the onset of the week. The cryptocurrency dropped approximately 6%, moving from a price of around $0.44 down to $0.41.

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As a crypto investor, I was pleasantly surprised to see the value of my investment bounce back the very next day, registering a 2.7% gain. This positive trend continued, with the cryptocurrency continuing its ascent in value.

On July 13th, XRP underwent a substantial hike, boosting its value by around 10.9%. As a result, the cryptocurrency’s price rose from roughly $0.47 to hit $0.52.

From my current perspective as a researcher, XRP‘s price has surged past the $0.53 mark, representing a more than 1% gain. This upward momentum is echoed in the Relative Strength Index (RSI), which hovers around the 70 threshold. This signifies that XRP is presently experiencing a robust bullish phase.

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With an RSI approaching 70, XRP may be signaling an oversold condition, which is often a warning for prospective investors to exercise caution.

As an analyst, I’ve noticed a striking correlation between the rising volume and price trends. This observation suggests that the current bullish market momentum could persist for an extended period.

XRP sees record short-squeeze

On July 13th, Ripple (XRP) witnessed its most substantial one-day gain in approximately three months, with an almost 11% rise. This notable upswing noticeably influenced the market, leading to a significant number of liquidations.

According to Coinglass’s data, the liquidation volume reached over $9 million on that particular day, which is the highest figure recorded in almost three months.

The analysis of this liquidation revealed that short positions suffered significant losses, totaling around $7 million. On the other hand, long positions were responsible for just over $2 million in liquidation volume.

 Read Ripple (XRP) Price Prediction 2024-25

In simpler terms, this occurrence signified a significant short squeeze, resulting in traders who had wagered against XRP being compelled to exit their losing positions due to the sudden and steep price surge.

According to the analysis, it was the largest short squeeze of the year for XRP.

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2024-07-14 16:07