What Should Be Your Action Plan If the XRP Crypto Breaks Above $1?

• The derivative trading volume of the XRP crypto has witnessed an impressive surge.
• The XRP coin is trading 23000% above its all-time low price.

XRP is a cryptocurrency aiming to improve global payments by providing fast and low-cost transactions. It was created by OpenCoin, later Ripple, and its founders and contributors. RippleNet is a platform that uses XRP to connect financial institutions and enable cross-border transactions.

The market cap of the XRP coin has advanced by 0.84% in the last 24 hours, following the advance in crypto price. Further, the trading volume of the crypto has advanced by 14.25% resulting in $1.563B. 

XRP has a circulating supply of 54.005B XRP which is 54.01% of the max supply. The total supply of the crypto is 98.988B XRP and its fully diluted market cap is $63.054 billion.

The market cap dominance of the crypto is 2.018%, resulting in a volume/market cap ratio of 0.0418. Also, the current market cap rank of the crypto is 5th as per Coingecko.

XRP Derivatives Data Analytics

The derivative trading volume of the XRP crypto has advanced by 41.04% in the last 24 hours. It further resulted in a flat open interest change, resulting in $690.46M. 

The long/short ratio of the crypto is 0.9451, resulting in a higher long liquidation of 1.11M. Following the derivatives data, it is evident that the sellers are winning over the crypto price in the last 24 hours.

XRP Crypto Technical Analysis

The XRP coin has dropped over 80% from its peak price, but it is bouncing back from a moving support line. It is also making higher peaks on the chart. That shows buyers are interested in the. Thus, if the price breaks above the resistance of 0.956, the price might lead to higher levels.

XRP/USD Chart by TradingView

The Bollinger bands are showing uncertainty in the price as the range of the band is contracting. The price is currently trading at the median line and might break in either direction in the upcoming days. 

The MACD is also uncertain as the MACD and the signal line are overlapping. The bearish volume blocks are also forming on the daily timeframe chart. Thus, we might witness some sell-off in the crypto price if it fails to break above the last swing high.

Conclusion

The price of the XRP coin is currently in a volatile state, trading in a small zone. If the price breaks above the mark of $1, we might see higher levels in the crypto and a continuation of the uptrend. 

Technical Levels

• Support levels- $0.300 and $0.4580
• Resistance levels- $1.3100 and $1.760

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.