The XRP price has surged for three consecutive weeks, marking its highest levels since 2021. Market sentiment is overwhelmingly bullish, with Bitcoin nearing the $100K milestone. While other altcoins remain range-bound, XRP is gearing up for a significant rally as key technical indicators, fundamentals, and external factors align in favor of the token.
In a major development, SEC Chair Gary Gensler, known for his tough stance on cryptocurrencies, is reportedly set to step down. This news has added to the bullish momentum for XRP.
Historically, XRP has followed similar patterns that led to explosive rallies. The current breakout from a decisive triangle suggests that the token could replicate its past performance, potentially experiencing a minor pullback before resuming its upward trajectory.
On the weekly chart, XRP has broken above a crucial resistance level at $0.9350, which it last touched on June 10, 2023. This level was significant as it formed the neckline of a slanted triple-bottom pattern.
Additionally, the formation of a golden cross—where the 50-day moving average crosses above the 200-day moving average—further supports the bullish outlook.
The next major resistance levels for XRP are crucial milestones in its price trajectory. The initial target is $1.97, marking the peak reached in April 2021. Following this, XRP will challenge its all-time high of $3.54, a significant hurdle that, if surpassed, could unlock further upside potential. Breaking past $3.54 may set the stage for XRP to aim for the psychologically significant $5 mark. If the bullish momentum persists and $5 is overcome, the possibility of a rally towards $10 becomes increasingly plausible.
Open Interest Reaches a 2023 Peak
XRP’s open interest (OI) has surpassed $2.1 billion, marking its highest level this year. This milestone was achieved as XRP broke through key midterm targets, signaling increased investor confidence and activity.
Daily Trading Volume Sees Significant Spike
XRP's daily average trading volume experienced a substantial rise, reaching $17.3 billion earlier today. This surge reflects heightened market interest and growing demand for the token.
Whale Accumulation on the Rise
On-chain data indicates that XRP whales have been aggressively accumulating tokens in recent weeks. This activity is driven by optimism around potential legal clarity in the United States, which could further strengthen XRP's market position.
Also read: Is Ethereum Heading for $10K? The Perfect Storm of ETFs, Whales, and Burns
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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