XRP surges past THIS key level: Is a rally to $0.64 next?

XRP's bullish momentum surges past the $0.5657 key resistance level.

Written by Kelvin Murithi

Reviewed by Saman Waris

Updated 02:00 EDT August 14, 2024

XRP surges past THIS key level: Is a rally to $0.64 next?

XRP surges past a key $0.5657 resistance level.
Metrics signal a potential bullish rally continuation.

XRP has made a significant move, breaking through the key resistance level of $0.5657 at press time.

This breakthrough came after a 14% price correction to fill the fair value gap, a sign that the asset was gaining bullish momentum. This movement in prices could mark the beginning of an upward trend.

With the break above $0.5657, market participants are now eyeing the next major resistance level at $0.6487.

The path between these two points is critical. If the altcoin can maintain its pace and clear out the liquidations on its way up, then a rally towards this target could happen.

XRP liquidation levels paints a bullish picture

AMBCrypto’s analysis of liquidation heatmap data from Coinglass indicated an interesting liquidation landscape ahead. The next major liquidation pool was at $0.58, with 208,640 XRP at stake.

More importantly, additional liquidation pools are positioned above this level, which act as magnets for price action and may trigger more upside movements.

Whale activity signals confidence

The press time whale-to-retail delta stood at an impressive 30.63. This implied an increased interest among XRP holders.

This increased whale activity could start a significant move on the price movements, bearing in mind that the level of indecision is already breached.

So, the majority of the whales may take long positions as they remain optimistic of the $0.6487 target level.

Interestingly, AMBCrypto’s look at the net flow data from Coinglass showed consistent outflows over the past 24 hours.

This pattern of outflows, despite rising prices, often indicates accumulation as investors move their assets off exchanges, potentially for long-term holding. Such behavior indicates a sign of confidence in XRP’s future prospects.