Currently priced at $1.35 per coin, XRP holds a market cap of approximately $77.27 billion. Despite Tuesday’s dip, the past week has been a strong one, capped by an astounding 163.3% climb over the last month. Just 30 days ago, XRP was valued at $0.51 per coin.
The cryptocurrency has also been buzzing with trading activity, consistently ranking among the top performers of the week. In the past 24 hours alone, XRP recorded $10.63 billion in global trading volume. Binance, Bybit, and Coinbase led Tuesday’s action, with Binance alone handling $1.12 billion of the total.
XRP/USD on Bitstamp on Nov. 26, 2024.
XRP’s oscillators paint a mixed picture. The relative strength index (RSI) stands at 76.19, signaling overbought conditions and the potential for a pullback. Meanwhile, Stochastic (77.20) and the commodity channel index (CCI) (85.17) suggest trends that are neutral to mildly optimistic.
The average directional index (ADX) (63.97) highlights the strength of the trend, yet XRP’s momentum oscillator leans bearish. Interestingly, the moving average convergence divergence (MACD) at 0.22266 hints at underlying bullish momentum, even as other indicators remain neutral.
XRP’s moving averages (MAs) on the daily chart provide solid support for bullish sentiment. The 10-period exponential moving average (EMA) and simple moving average (SMA), positioned at 1.26433 and 1.27687 respectively, signal buying opportunities, reinforced by the steady upward trajectory of the 20- and 30-period averages. Longer-term metrics, including 50-, 100-, and 200-period EMAs and SMAs, further bolster XRP’s bullish outlook.
For instance, the EMA (200) sits at 0.63149, and the SMA (200) at 0.58357. This combination shows XRP’s upward trajectory is well-backed. Tuesday’s 8% drop coincided with over $20 million in XRP derivatives liquidations, divided between $5.3 million in short positions and $14.87 million in longs. XRP’s most traded pairing of the day was tether (USDT), followed by the Korean won and the U.S. dollar, with USDC and the euro trailing closely behind.
Nov. 26’s price movements followed Ripple’s introduction of the first money market fund on XRP Ledger, marking a step forward in tokenized finance. Supporters, often called the XRP Army, believe the asset’s hefty monthly gains reflect growing confidence in Ripple’s ecosystem, even as the crypto market faces ongoing volatility.
