XRP Technical Analysis and Upcoming Levels
According to CoinPedia's technical analysis, XRP is currently facing strong resistance around $0.75. Historically, this level has acted as significant selling pressure, leading to price declines. However, the asset price reached this level after March 2024, market sentiment has changed, and the interest of investors and traders is now focused on the next level.
Based on recent price movements and historical momentum, if XRP breaks the resistance level and closes above $0.76 on the daily chart, it is very likely to surge 75% to the level of $1.36 in the coming days.
However, this target may not be easily achievable, as there is a resistance level around $0.95 that could pose a hurdle and potentially prevent XRP from rising.
Currently, XRP is above the 200 Exponential Moving Average (EMA) on both the daily and weekly timeframes. Meanwhile, its Relative Strength Index (RSI) suggests a potential bullish momentum in the coming days as it is in the oversold region.
On-chain indicators are bullish
In addition to the bullish technical analysis, on-chain indicators further support XRP's positive outlook. According to data from on-chain analytics company Coinglass, the asset's Open Interest (OI) surged 22% in the past 24 hours and increased by 7.25% in the last 4 hours.
The continuously rising Open Interest (OI) indicates that traders are actively participating as the XRP token approaches breakout levels, which is a bullish signal.
According to Coinglass data, as of the time of writing, the major liquidation levels are below $0.657 and above $0.736, with traders over-leveraged at these levels. The data shows that currently, $47.56 million and $31.72 million in Open Positions are at liquidation levels, and these positions will be liquidated if XRP's price moves in either direction.
Current Price Momentum
As of the time of writing, XRP is trading near $0.68, with a 13.5% price increase in the past 24 hours. During the same period, its trading volume increased by 170%, indicating heightened participation from traders and investors at a potential breakout.
