As of September 15, 2024, the cryptocurrency market has been facing challenges in gaining momentum, with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) struggling. However, Ripple’s XRP has stood out among these major cryptocurrencies, experiencing a 4% price increase and attracting considerable attention from investors and traders.
The Catalysts Behind XRP’s Surge
XRP seems to be on the verge of a significant uptrend, possibly due to a number of positive developments, including:
- The launch of the Grayscale XRP trust in the United States.
- Ripple’s Chief Legal Officer (CLO) confirming the resolution of XRP’s legal battle.
- The reduction of the penalty from $2 billion to $125 million.
These recent positive events have sparked optimism among investors and institutions.
Current Price Performance
At present, XRP is trading around $0.597 and has seen a price surge of over 4% in the last 24 hours. Despite a 2% decrease in trading volume during the same period, indicating reduced participation amid prevailing market sentiment.
XRP Price Forecast
Technical analysis suggests a bullish trend for XRP as it trades above the 200 Exponential Moving Average (EMA) on the daily chart. The 200 EMA is a crucial indicator used to determine an asset’s trend.
Given the current sentiment, XRP is aiming for the $0.65 level, its next resistance point. If XRP closes above $0.65, it could potentially reach $0.75 in the near future based on historical price patterns.
XRP’s Positive On-chain Metrics
On-chain metrics support this positive outlook. Coinglass data shows XRP’s Long/Short ratio at 1.027, indicating bullish sentiment. Additionally, 50.36% of top traders are long on XRP, while 49.64% are short, suggesting a bullish dominance.
Moreover, XRP’s future open interest has risen by 9% in the past 24 hours, indicating a growing bullish sentiment.
