Ripple’s native token, XRP, is making headlines as it breaks out of a key consolidation zone, setting the stage for a potential price rally. As of September 28, 2024, XRP surged past the $0.59 resistance level, signaling a shift from a downtrend to an uptrend. This breakout has caught the attention of investors, with trading volumes spiking 64%, indicating growing interest in the token.
XRP Price Performance: Surging Above Key Levels
While major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are experiencing market corrections, XRP has seen a price surge of over 5.2%, reaching $0.62. This rise comes after weeks of consolidation between $0.56 and $0.59, making this breakout particularly significant. Technical analysts note that XRP is currently trading above its 200-day Exponential Moving Average (EMA), further reinforcing its bullish outlook.
Key Resistance and Potential Price Targets
Despite the recent surge, XRP faces strong resistance at the $0.647 level. Analysts suggest that if XRP manages to break through this resistance and close a daily candle above $0.65, it could pave the way for a further 15% rally, pushing the token towards the $0.75 mark in the coming days.
On-Chain Metrics Support Bullish Outlook
XRP’s bullish momentum is supported by promising on-chain data. According to Coinglass, the Long/Short ratio stands at 1.027, indicating a strong bullish sentiment among traders. Additionally, open interest in XRP futures has increased by 17.9% in the last 24 hours, further suggesting that investors are increasingly betting on long positions.
With 51.25% of top traders holding long positions, XRP appears to be in a strong position for further gains.
Conclusion: Will XRP Hit $0.75?
The combination of positive on-chain metrics, increased trading volume, and a strong technical setup suggests that XRP is positioned for a significant rally. If the token can break through key resistance levels, the next target of $0.75 could be within reach. Investors will be watching closely as XRP continues to build momentum.
Disclaimer: This article is intended for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.