XRP is on the verge of a significant breakout that could lift its price to $1.50. Currently priced at $0.6054 after a 5.1% rise in the past day, XRP is pressing against a major resistance level. Meanwhile, Bitcoin’s sharp jump of over $10,000 to a record $89,561 has sparked hope that its rally could help push XRP higher as well.
If Bitcoin reaches $90,000, it could give XRP the boost it needs for a big move. Notably, XRP has seen a strong rally, now trading at $0.64 after a whooping 19% jump this week. Many investors are looking for XRP to return to its year-to-date high of $0.74, a move supported by positive market indicators and declining selling pressure.
Despite this promising rally, some investors are cautious due to the upcoming November 21 hearing in the Ripple vs. SEC case, which could impact XRP’s price. But if technical indicators hold strong, XRP may still manage to break out of its recent stagnation.
A drop in XRP’s selling pressure is helping to sustain its gains. According to Santiment, about 39 million XRP tokens have recently moved off exchanges, lowering the available supply and supporting price growth. This shift, where more tokens are stored in personal wallets, reflects positive sentiment and strengthens the chance of further gains.
XRP’s open interest—now at $989 million—has grown by 13% in the past 24 hours, showing new capital entering the market. Higher open interest, combined with rising prices, often signals greater liquidity and market optimism for continued gains. Additionally, the positive funding rate of 0.047% further suggests that traders are betting on ongoing price increases.
Currently, XRP faces resistance at $0.66, a level it has struggled to surpass twice since July. Analysts note that a successful breakout and retest of this resistance could propel XRP toward its year-to-date high of $0.74. However, if bullish momentum weakens, XRP may see a correction below $0.60, which could shift sentiment and delay further gains.
Overall, XRP’s market indicators, such as declining selling pressure, increased open interest, and a positive funding rate, paint a promising picture for the cryptocurrency. With buying momentum holding steady, a push beyond $0.66 could soon see XRP reaching its highest levels this year.
However, a watchful eye is advised, as a dip below $0.60 could stall the current uptrend. Ripple’s ongoing legal developments and growing investor optimism add to the overall positive outlook for XRP’s near-term potential.
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