Analysis
XRP continues to rally wildly- Is $1 the next target?
Posted:
| Last updated: January 30th, 2024
Journalist
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- XRP rocketed from $0.6 to $0.7 in the past 48 hours.
- A move above $0.715 could offer a buying opportunity.
Ripple [XRP] continued to print green bars on the daily price chart as bulls drove prices higher and higher. At press time the $0.71 resistance level was under siege but could crumble soon. XRP surpassed the market capitalization of Binance Coin [BNB] at press time, standing at $38.25 billion.
A previous technical analysis by AMBCrypto noted that XRP possessed strong bullish momentum but a pullback to $0.55 could present an ideal buying opportunity. Such a pullback didn’t arrive as buyer strength remained overwhelming.
The $0.715 resistance was besieged, and the bears could be routed soon
Source: XRP/USDT on TradingView
The one-day market structure remained bullish. The $0.585 level was retested as support a few days ago but not the $0.55 former range highs. The On-Balance Volume (OBV) has trended upward since mid-October, as has the RSI.
The technical findings showed further gains were likely. The weekly chart also revealed the same thing and highlighted the resistance zone at $0.92-$1 as crucial in the long run. A move above $0.715 and retest as support would likely see XRP rally to $0.9 or higher.
Sentiment was bullish and the 2023 high was a valuable pool of liquidity
Source: Hyblock
Coinglass data showed Open Interest soared alongside prices to underscore bullish sentiment in the futures market. The liquidation levels heatmap showed the $0.9 mark was the next target for XRP bulls. The $0.75-$0.78 territory could also see a minor pullback and consolidation.
To the south, the $0.4 and $0.33 levels could be of immense significance in the coming months in the scenario that XRP plunges into a downtrend.
Source: Santiment
The age-consumed metric saw a huge leap higher on 31 October when XRP was trading at $0.6.
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This signaled an increase in the token’s movement among addresses, which could have been the result of increased selling pressure. However, the mean coin age, whose uptrend was dented on that day, resumed its northward march.
Hence, holders continued to accumulate XRP, and the network growth has risen in the past two weeks as well. On the other hand, the active addresses have been in decline since early August.
