XRP Surges: $2.4 Target in Sight?
XRP has experienced a significant price surge, climbing 20.7% in just seven days, reaching a high of $2.2 from a low of $1.6. At the time of writing, XRP trades at $2.13.
XRP Price Rally: Analyst Prediction and Market Indicators
This impressive rally has fueled speculation, with analyst Ali Martinez predicting a move towards $2.4 based on an ascending triangle pattern. This bullish pattern suggests accumulating buying pressure.
- Volume surge: Trading volume spiked by 42.18% to $10.12 billion, with options volume jumping 204% to $3.49k and open interest rising 87.5% to $486.6k.
- Resistance level: Martinez identifies key resistance around $2.22. A breakout above this could trigger a rally to his predicted target.
But can this momentum last?
Analyzing XRP's Sustainability
Our analysis reveals several positive indicators suggesting the current rally might have legs:
- DEX Buy-Sell Ratio: The buy-sell ratio on decentralized exchanges (DEXs) remains above 1 (1.5 at press time), indicating stronger buying pressure than selling.
- Positive Funding Rate: A positive funding rate over the past five days shows investors are bullish and taking long positions.
- Declining Exchange Supply: The exchange supply ratio has decreased to 0.02743, meaning less XRP is being sent to exchanges for sale, reducing potential selling pressure.
These indicators—high buy-sell ratio, positive funding rate, and decreasing exchange supply—suggest a strong bullish sentiment driving XRP's price. However, a pullback to $1.9 is possible if the $2.2 resistance isn't broken.
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