Ripple XRP Price Aims For 75% Rally, A Technical and On-Chain Breakdown
Chandan Gupta13 Nov 20242 min read
Ripple’s native token, XRP is making waves in the cryptocurrency realm after Donald Trump won the U.S. presidential election. With this notable rally and bullish outlook, XRP has now reached a level where there is a high possibility it could skyrocket in the coming days.
XRP Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, XRP is currently facing strong resistance near the $0.75 level. Historically, this level acted as a strong selling pressure, which resulted in a price decline. However, the asset price reached this level after March 2024, and the sentiment has shifted, with investors’ and traders’ interest now focused on the next level.
Based on the recent price action and historical momentum, if XRP breaches the resistance level and closes a daily candle above the $0.76 level, there is a strong possibility it could soar by 75% to reach the $1.36 level in the coming days.
However, this target may not be easy to achieve, as there is a resistance level near the $0.95 level, which could create a hurdle and potentially stop XRP from rallying.
Currently, XRP is trading above the 200 Exponential Moving Average (EMA) on both daily and weekly time frames. Meanwhile, its Relative Strength Index (RSI) suggests potential bullish momentum in the coming days, as it is in oversold territory.
Bullish On-Chain Metrics
Besides the bullish technical analysis, on-chain metrics further support XRP’s positive outlook. According to the on-chain analytics firm Coinglass, the asset’s open interest (OI) has skyrocketed by 22% in the past 24 hours and 7.25% in the past four hours.
This rising OI suggests that traders are strongly participating in XRP tokens as it approach the breakout level, which is a bullish sign.
At press time, major liquidation levels are at $0.657 on the lower side and $0.736 on the upper side, with traders over-leveraged at these levels, according to Coinglass data. The data suggests that $47.56 million and $31.72 million worth of open positions are currently at the liquidation levels, which will be liquidated if the XRP price moves in either direction.
Current Price Momentum
At press time, XRP is trading near $0.68 and has experienced a price surge of 13.5% in the past 24 hours. During the same period, its trading volume jumped by 170%, suggesting heightened participation from traders and investors amid a potential breakout.
