- XRP recently broke past the $1.40 mark, a level it hasn’t reached in over three years.
- Market indicators and metrics remain predominantly bullish, although the potential for a short-term pullback cannot be ruled out.
As a seasoned researcher with over two decades of experience in the financial markets, I must admit that the recent surge of XRP is nothing short of exhilarating. The last time we saw such high prices was back in 2018, and to see it breaking past the $1.40 mark now, three years later, is a testament to the resilience of this token.
Over the last month, XRP has experienced explosive growth, surging by 165%. This momentum continues, with the token gaining an additional 24% in the past 24 hours. If the upward trend persists, XRP could soon surpass its all-time high.
To explore the token’s next potential move, AMBCrypto analyzed key market metrics and trends.
XRP closing in on all-time record
At this moment, XRP is trading at $1.4332 – a figure not witnessed since September of last year. This increase in value suggests a resurgence of investor interest and robust market appetite for the cryptocurrency.
The token’s value currently stands at a mere 53 cents away from its highest ever recorded value of 1.96 dollars. With the ongoing buying trend, there’s a strong possibility that XRP might surpass this historic peak.
Nevertheless, if momentum slows down, it might lead to a retreat towards a crucial support point at 0.9361, which is evident from the chart.
The current market trends indicate a high likelihood that XRP could soon approach its record peak.
XRP open interest hits all-time high
The value of Ripple‘s Open Interest has soared to an all-time high of $2.47 billion, surpassing previous records since its launch. This achievement comes after a significant 32.41% increase in Open Interest over the last day, indicating increased market activity and interest.
Open Interest, which measures the number of unsettled derivative contracts on an asset, is a key indicator of market sentiment. In this case, the soaring levels of XRP Open Interest signal strong bullish momentum.
The rise is bolstered by a series of forced closures of short positions. In the past 24 hours, these short position closures totaling $14.51 million have exceeded long position closures.
As a crypto investor, I’ve noticed an intense surge in trading activity recently, with the daily trading volume skyrocketing by a staggering 177.99%. This sudden spike has brought the total trading volume up to a whopping $21.59 billion, which I believe has significantly contributed to the liquidation cascade we’re currently experiencing in the market.
Even though most traders are optimistic about XRP’s growth, there’s a growing opposition as some traders take their earnings, which temporarily obstructs XRP’s upward trajectory.
Rally pauses as profit-taking increases
There’s been a significant increase in Ripple (XRP) being transferred to cryptocurrency trading platforms, as reported by Coinglass Exchange Netflow, showing a net gain of approximately $23.72 million.
Realistic or not, here’s XRP market cap in BTC’s terms
This action implies that market participants, specifically spot traders, are shifting their XRP holdings to trading platforms to cash out their gains. This type of behavior frequently indicates a temporary halt in the overall upward trend.
But if the downturn is only short-term, XRP might continue its climb, potentially surpassing its previous record high.
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2024-11-22 23:03