- XRP has risen by more than 45% over the last ten days, after a jump from $0.41.
- Data from altcoins’ derivates indicated a slightly bullish trend for the long run.
After a long period of buying, the charted support levels were reclaimed. This led to a sharp bull run. XRP After a prolonged downtrend, the market is now in a state of uncertainty.
In the last week, XRP bulls broke above the long term trendline resistance to turn it into support.
The buyers can trigger a long-term trend up in the weeks to come with a sustained crossover bullish of the 50-day and 20-day EMA. As of the writing time, XRP was trading at $0.61. It had gained nearly 9% in the past day.
The XRP has regained crucial support levels. Can it rise further?
Source: TradingView, XRP/USDT
XRP has recently rekindled some hope for a revival after enduring a downward trend that lasted nearly four months. The altcoin has lost almost 42% in value during this downward trend.
The $0.41 support level, however, has held sway for more than a year. In the end, XRP bounced back from that level and the broader market sentiment also improved.
This allowed XRP bulls regain key support levels as they rallied above the 20,50,and 200-day EMAs. XRP has gained nearly 45% over the last ten day.
The price had moved to the POC (red) line of the Visible Volume Profile Range. This line usually represents a high-volume price.
This line can also be used as a level of immediate resistance. The $0.57 price level will likely be a support for any reversals. If the price falls below this level, it can derail immediate recovery.
If the 200-day EMA crosses the near-term EMA, this could be a signal for the bulls to maintain the current uptrend. This would lead buyers to try and test resistance at $0.72.
At the time of publication, Relative Strength Index was in a strong uptrend. It had reached overbought levels. It is likely that after some fluctuations around this level it will retrace towards the 50 mark as buying pressure decreases.
The data derived from this
Coinglass
It’s worth noting that the overall long/short ratio (24h) is 0.9448— suggesting a slight bearish tilt. On some exchanges, like Binance or OKX, longs outnumber the shorts.
Click Here to Read Ripple (XRP) Price Prediction 2024-25
On the contrary, although the options volumes are down by 46.56 %, the open interest of the options has increased by 15.02 %. It suggested that the market was positioned for a long-term.
Data from Derivates suggested an increase in trading and interest for XRP. There were mixed signals, though. Short-term positions (more negative) are mixed with longer-term ones (more positive).
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Source: ambcrypto.com
