XRP may rebound to $0.74 soon

XRP has recently shown signs of rebounding and has the potential to rise to $0.74.

The following factors support this view:

Technical Trends

Breaking Downward Channel: XRP has been in a downward channel since November 2023. Currently, the price shows signs of a breakout. If it breaks through the resistance line above the channel, XRP may rise to $0.74.

Market Movements

Increase in Active Addresses: According to CryptoQuant data, the number of active addresses of XRP has rebounded to 8,900 addresses after a sharp drop on September 9. An increase in active addresses usually indicates an increase in trader interest, which helps drive prices higher.

Exchange reserves and prices rise in sync: Exchange reserves have increased but demand has exceeded supply, which shows that the market demand for XRP is strong.

Futures Market

Open Interest Growth: XRP's open interest has risen by 5.7% in the past 24 hours to $625.48 million. An increase in open interest usually indicates increased market momentum and supports price increases.

In summary, XRP's current technical trends and market trends indicate that prices have the potential to rebound to $0.74. However, if key indicators go wrong, XRP may also fall back to the middle range or lower limit of the downward channel.

For reference only

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