Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- XRP shot up from $0.6 to $0.7 in the past 48 hours.
- A move above $0.715 could present a buying opportunity.
Ripple [XRP] continued to print green bars on the daily price chart as bulls pushed prices higher and higher. At the time of writing, the $0.71 resistance level was under attack, but it could crumble soon. XRP surpassed Binance Coin’s market cap [BNB] at the time of writing, standing up $38.25 billion.
Previous technical analysis from AMBCrypto showed that XRP had strong bullish momentum, but a pullback to $0.55 could provide an ideal buying opportunity. Such a pullback did not occur as buying power remained overwhelming.
The $0.715 resistance was under siege and the bears were quickly routed
Source: XRP/USDT on TradingView
The one-day market structure remained bullish. The $0.585 level was retested a few days ago as support, but not the $0.55 previous range highs. The On-Balance Volume (OBV) has been on an upward trend since mid-October, as has the RSI.
The technical findings showed that further gains were likely. The weekly chart showed the same, highlighting the $0.92-$1 resistance zone as crucial in the long term. A move above $0.715 and a retest as support would likely send XRP rising to $0.9 or higher.
Sentiment was bullish and the 2023 high was a valuable liquidity pool
Source: Hyblok
Coin glass data showed that Open Interest rose along with prices to underline the bullish sentiment in the futures market. The heatmap of the liquidation levels showed that the $0.9 mark was the next target for XRP bulls. The $0.75-$0.78 area could also see a small pullback and consolidation.
To the south, the $0.4 and $0.33 levels could be extremely important in the coming months in the scenario that XRP enters a downtrend.
Source: Santiment
The age-consumed benchmark took a huge leap higher on October 31, when XRP was trading at $0.6.
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This indicated an increase in the movement of the token between addresses, which could be a result of the increased selling pressure. However, the average coin age, whose uptrend was dented on that day, resumed its northward advance.
Therefore, holders continued to accumulate XRP and network growth has also increased over the past two weeks. On the other hand, active addresses have been declining since early August.
