Although the price is consolidating in a narrow range at the support level, XRP bulls seem to be back in the market as the XRP trading volume surges.On October 7, 2024, most of the top cryptocurrencies experienced a significant price surge, but the price of XRP remained stable in the past 24 hours.

XRP Current Price Momentum

Currently, XRP is trading near $0.538, with a slight price increase of 0.75% in the past 24 hours. During the same period, its trading volume surged 90%, indicating high participation from investors and traders, which is a positive sign for XRP holders.

XRP Technical Analysis and Upcoming Levels

XRP looks bullish but has been stuck in a consolidation range between $0.512 and $0.545 for the past five trading days, according to expert technical analysis. Based on recent performance, whenever the price of XRP reaches this level, it tends to experience a 20% rally.

However, if XRP breaks out of this consolidation area and closes the daily candle above $0.55, there are high chances of a 20% surge to $0.65 levels in the coming days.

This bullish outlook is further supported by XRP’s relative strength index (RSI), which is currently in the oversold territory, suggesting a possible bullish price reversal in the coming days. However, it remains below the 200 exponential moving average (EMA) on the daily timeframe, indicating the presence of a downtrend.

Bullish On-Chain Indicators

In addition to technical analysis, XRP’s on-chain metrics also support this bullish outlook. According to on-chain analytics firm Coinglass, major liquidation levels are $0.53 and $0.563 as traders are over-leveraged at these levels.

However, data shows that bulls have held long positions worth over $8.45 million and are confident that the market will not fall below the $0.53 level.

Additionally, XRP’s future open interest has increased by 3.75% in the past 24 hours and has been steadily increasing, indicating growing interest among traders, with many likely investing more in long positions.