1 month ago
17
XRP, the digital asset associated with Ripple Labs, has recently captured significant attention in the cryptocurrency market, driven by impressive price movements and bullish sentiment among traders and analysts.
As of September 30, 2024, XRP has successfully cleared a critical resistance level, trading around $0.6438 after gaining over 12.44% from a Friday close of $0.5889 to a weekend high of $0.6622.
The weekend price surge has pushed XRP to its highest price point in six months, last seen in March.
Increased investor interest
The recent rally is particularly striking given the broader crypto market’s cooling trend, with the global market capitalization down by 0.3% during the same period.
However, XRP’s spot trading volumes surged to over $2.2 billion on September 28, representing a 133% increase since September 21.
This uptick in trading activity reflects heightened investor interest and contributes to XRP’s current market capitalization of $35.4 billion, solidifying its position as the seventh-largest cryptocurrency globally.
Notably, XRP has outperformed major cryptocurrencies like Bitcoin and Ethereum, recording a 31% gain over the past 90 days compared to Bitcoin’s mere 5%.
This trend indicates a strengthening market structure for XRP, suggesting potential for further price growth in the coming months despite the current pullback that has resulted in a significant liquidation of over $1.9 million, with 73% of liquidations being long positions, highlighting market volatility.
Source: CoinglassThe fact that a majority of the liquidated positions were long shows that a majority of investors believe in XRP continuing with its bullish trajectory.
Notably, large investors, or “whales,” have been accumulating XRP, with over 470 million XRP purchased in the last 10 days according to Ali Martinez, a technical and on-chain analyst.
Analyst predicts XRP could hit $3
Adding to the positive sentiment, analysts are predicting significant price movements for XRP soon.
Anup Dhungana, a well-known trader, anticipates that “big things” are on the horizon for XRP, particularly as it breaks back into the $0.65 range.
Big things could be happening for $XRP soon!👀 #XRPHolders
Other analysts, including Myles G Investments, have boldly suggested that XRP could reach $3 by Christmas, which would require a 360% surge from its current value.
This price target reflects both optimism and the belief that XRP’s upward trajectory is just beginning.
XRP price breakout confirmed
In addition to these predictions, a four-year symmetrical triangle pattern on the monthly chart suggests that XRP could be on the brink of explosive price growth.
Analysts have indicated that a breakout above the triangle’s upper trendline could lead to substantial gains, potentially seeing XRP soar to $2.3.
As XRP maintains its position above key support levels, including the 50-month exponential moving average at $0.5743, the outlook remains positive.
With substantial interest and bullish market sentiment, XRP appears well-positioned for sustained growth as it navigates the complexities of the cryptocurrency landscape.
However, whether it can reach its ambitious price targets remains to be seen, but the current trends suggest that the crypto community should keep a close eye on XRP in the coming months.
The post XRP clears critical support level as analysts project a potential path to $3 appeared first on Invezz
English (US) ·