During the current bullish market, XRP, Ripple’s native token, is standing out in the cryptocurrency industry due to its impressive performance. As of today, November 16, 2024, the price of XRP has surged by over 25%, crossing the $1 mark for the first time since 2021.
Reasons Behind XRP Price Surge
In the last 24 hours, XRP has reached around $1.026, marking a 35% increase in trading volume. This surge in trading volume indicates increased engagement from traders and investors, possibly influenced by the potential resignation of SEC Chair Gary Gensler.
Bullish On-chain Metrics
Alongside the rise in trading volume, XRP’s open interest has spiked by 31%, hitting its highest point since the start of November 2024. This uptick in open interest further reinforces the positive outlook for XRP.
Moreover, the long/short ratio for XRP currently stands at 2.80, the highest since January 2024. A ratio above 1 signifies strong bullish sentiment in the market.
Traders and investors typically view increasing open interest and a long/short ratio above 1 as favorable conditions for going long on a position. Given the current market sentiment, this could be an opportune time to consider buying XRP.
XRP Technical Analysis and Future Levels
According to expert analysis, XRP has broken through a significant resistance level at $0.95 and is now targeting the next hurdle at $1.50. Despite the recent price surge, a correction may be on the horizon before XRP reaches its next resistance level.
If the rumors regarding the SEC Chair’s resignation turn out to be true, we could witness a further upward surge, potentially leading XRP to reach its all-time high. Currently, market sentiment is positive, with increased involvement from investors and traders.
