- If XRP closes the daily candle above the $0.558 level, XRP could rise by 17% to reach the $0.65 level.
- Combining these on-chain indicators with technical analysis, it appears that bulls are dominating the asset.
Amid continued bullish market sentiment across the cryptocurrency landscape, XRP is finally breaking out of a prolonged consolidation phase, signaling a potential upside.
Whale adds 52 million XRP tokens
Whale Alert, a blockchain-based transaction tracker, posted on
Despite the market rebound, XRP has lagged in gains so far, but on-chain indicators indicate a shift.
Source: X
XRP Technical Analysis and Key Levels
According to AMBCrypto’s technical analysis, XRP appears bullish as it has broken out of a three-week consolidation zone and the 200-day exponential moving average (EMA).
Despite this optimistic outlook, it is unclear whether the asset will rise or continue to consolidate by the time XRP closes its daily candle.
Source: TradingView
Based on recent price action and historical momentum, if XRP closes the daily candle above $0.558, it is likely that the asset will surge 17% to reach the $0.65 level in the coming days.
Bullish on-chain indicators
As of press time, XRP’s key liquidation levels were $0.537 at the bottom and $0.57 at the top, with traders using excessive leverage at these levels, according to on-chain analytics firm Coinglass.
Source: Coinglass
If the bullish mood remains and the price rises to $0.57, approximately $5.88 million worth of short positions will be liquidated.
Conversely, if sentiment changes and the price falls to the $0.537 level, approximately $13.3 million worth of long positions will be liquidated.
Currently, XRP’s open interest is up 2.5% in the last 24 hours, suggesting growing interest from traders following the breakout. In fact, this appears to be a bullish sign for XRP holders.
On the other hand, as of press time, XRP’s long/short ratio is 0.98, suggesting weak interest from traders.
Combining these on-chain indicators with technical analysis, it appears that bulls are currently ruling the asset, but the bulls are still relatively weak.
However, overall sentiment towards XRP is currently bullish.
Read XRP’s price prediction for 2024-2025
Current price momentum
At press time, XRP was trading near $0.5532 after a price surge of more than 2.35% in the last 24 hours.
During the same period, trading volume surged 115%, indicating significant participation from traders and investors due to the recent breakthrough.