Boomer
Claudia
Covenant x402
Pearl
Bitcoin
Quantus
Pudgy Penguins
- XRP token had 56% of its maximum supply circulating in the market.
- The XRP token’s fear and greed index was at 20, showing extreme fear among investors.
The XRP chart shows high volatility, followed by a volatility of 10.37%. The token’s sentiment was bullish, according to the analysts.
The XRP market cap had advanced by 19.8% to $34.515 Billion in the last 24 hours. Also, it was the 7th largest cryptocurrency in the global crypto market.
The value of the traded volume for the coin further advanced by 250% in just 24 hours from the press time. This was followed by a traded value of $5.348 Billion, resulting in a huge liquidity of 15.37%.
XRP had a total of 4.84M holders; its top 10 holders comprised 40.10% of the total supply. Also, the token’s largest holding address alone held 5.0 billion XRP, which is 5.0% of the supply.
XRP Token Derivatives Data Analysis
A strong surge of 500% in the derivatives traded volume of the token was recorded. This could signal a strong engagement of traders of XRP.
The open interest of the token further advanced by 48% in just the last 24 hours. This showed a huge surge in the number of open positions of the token.
Additionally, a larger number of shorts were liquidated in the coin, resulting in a value of $6.71 Million. Also, the longs worth $5.69 Million were liquidated, showing buyers’ dominance in the price.
XRP Token Technical Analysis
XRP recently declined below a long-term consolidation phase, signaling strong bearish dominance in the market. This break below consolidation typically indicates a continuation of downward momentum.
However, despite this decline, XRP quickly rebounded to higher levels, reflecting a shift in market sentiment.
A dynamic trendline was formed on the higher side during this recovery, which was subsequently broken by strong bullish candles.
This breakout suggested bullish sentiment among investors and traders now drives the price. It could potentially signal the start of a new upward trend.
XRP Token Technical Indicator Analysis
The 50-day and 200-day EMAs overlapped on the daily chart, while the 20-day EMA has already crossed above the 200-day EMA. This exhibited an upcoming bullish trend in the coin’s price.
The price further broke out above the EMAs and sustained above the same, exhibiting bulls’ dominance.
XRP/USD Chart by TradingView
XRP had hit the bearish super-trend ATR level. If the price further advances higher, it will result in a bullish supertrend signal.
The MACD indicator exhibited a bullish trend, and its metrics sustained the bullish trajectory. MACD and the signal line traded in a death cross, showing a temporary retracement in the coin’s price.
The RSI had sustained above the 50 level and crossed the 14-day SMA. This exhibited a strong bullish behavior in the coin’s price. XRP price might take support at the level of $0.3820 and $0.480, followed by the resistances of $0.780 and $0.850.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
