- The XRP crypto price is trading 25000% above its all-time low.
- The options trading volume has witnessed a decline in the last 24 hours.
XRP is a cryptocurrency that runs on the XRP Ledger, a fast and green blockchain used for payments. It was created by Jed McCaleb, Arthur Britto, and Chris Larsen, who co-founded Ripple. Ripple uses XRP to provide liquidity and connect financial institutions through its RippleNet product.
XRP has a huge circulating supply of 53.957 Billion XRP along with a total supply of 99.988 Billion XRP. The current fully diluted market cap of the crypto is $68.348 Billion and it has a max supply of 100.0 Billion XRP.
The XRP crypto has faced a huge increase of 64.20% in trading volume in the last 24 hours.
The market cap of the crypto has also increased by 4.81%, leading to a similar percentage increase in the price. This crypto’s volume/market cap ratio in the last 24 hours is 6.76%.
The current market cap dominance of the coin is 2.149% and it holds a market cap rank of #5, as per Coingecko.
XRP Derivatives Analysis
XRP Technical Analysis
After losing its value by more than 80% from the all-time highs, XRP token is currently taking support at a dynamic trendline. Moreover, it is forming a higher high swing structure on the chart. This indicates the presence of buying sentiment for the crypto.
XRP/USD Chart by TradingView
XRP’s daily chart shows consistent trading above the rolling VWAP, signaling bullish momentum. This sustained upward movement suggests a positive market sentiment and the potential for further price appreciation.
The RSI is giving a bullish signal as it is situated at a level of 61.93. This indicates that the price is following a strong momentum and can continue to rise unless the RSI fails to sustain above the 50-level.
Conclusion
With XRP exhibiting a higher high structure, trading well above the rolling VWAP, and witnessing substantial volume and market cap growth, the technical and on-chain indicators suggest a bullish trend, possibly paving the way for achieving higher levels in the future.
Technical Levels
- Support levels- $0.2960 and $0.5880
- Resistance levels- $1.3180 and $1.7630
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.