XRP eyes breakout: Will THIS push the altcoin past $0.6533?

• XRP is approaching the critical $0.6533 resistance, with bullish indicators suggesting a strong upward potential.
• Active addresses and transaction growth reinforced a positive sentiment for a breakout.

Ripple [XRP] was rapidly approaching a crucial resistance level of $0.6533 at press time, sparking renewed optimism among traders and investors.

Trading at $0.5849, with a 6.06% gain, XRP appeared ready to challenge this barrier.

Could a successful breakout lead the cryptocurrency toward the next target of $0.7463, potentially ushering in a new phase of bullish momentum?

Is XRP ready for a breakout?

XRP’s price has been on an upward trajectory, closing in on the significant resistance at $0.6533.

Previous attempts to break this level have resulted in pullbacks, but recent gains and higher trading volumes suggest that XRP may now have the strength to surpass it.

If this level is breached, it could open the path to the next target at $0.7463.

Key technical indicators further support a bullish outlook. The Average True Range (ATR), which measures market volatility, has risen to 0.0217, indicating increased trading interest and potential for a big move. 

Additionally, the Moving Average Convergence Divergence (MACD) showed a bullish crossover, with the MACD line at 0.0083 and the signal line at 0.0048.

The positive histogram bars further strengthened the case for upward momentum, suggesting that XRP’s bullish trend could continue if it successfully breaks resistance.

Source: TradingView

On-chain signals signify growth

On-chain metrics also aligned with the bullish sentiment. According to Santiment analytics, the daily active addresses have recently reached 21,327, indicating increased engagement on the network at press time.

Generally, a rise in active addresses signals growing interest, which can fuel price movement. 

Additionally, the total transaction count has climbed to 1.144 million, reflecting a 1.02% increase over the last 24 hours. This sustained activity and demand strengthen the argument for a potential breakout.

Source: CryptoQuant

Market sentiment: Balanced Long/Short Ratios

Market sentiment was cautious but leaning towards bullish, as the Long/Short Ratio stood close to balance at press time. Notably, long positions accounted for 49.49% of all positions, and shorts accounted for 50.51%.

This near-equal split indicated that traders are waiting for a clear signal. However, a successful breakout could tilt this ratio in favor of long positions, amplifying the bullish momentum.

Source: Coinglass

Read Ripple’s [XRP] Price Prediction 2024-25

Is XRP primed for a new rally?

With robust technical indicators, rising on-chain activity, and balanced but leaning bullish sentiment, XRP has the potential to surpass the $0.6533 resistance.

If this level is broken, XRP could realistically aim for the $0.7463 target, marking the beginning of a strong bullish phase. The coming days will be crucial in confirming this potential move.