24-hour trading volume: ~$13.6 billion

Circulating supply: ~52.7 billion XRP

XRP

2.5344

-6.4%

$XRP

1️⃣ Price Action Details

XRP has shown exceptional performance, rising more than 30% in a week and maintaining the upward momentum. When analyzing price patterns and volume indicators, the following dynamics emerge:

Resistance Levels: Major resistance stands at $2.85, with a major breakout target at $3.00. Beyond that, Fibonacci extensions suggest a potential target near $3.40 for momentum traders in the near term.

Support Levels: Immediate support is at $2.50. A break below this level could trigger profit-taking, which could lead to stability around $2.25.

2️⃣ Market Depth and Order Book Trends

XRP market depth reveals strong bid support at current levels, indicating bullish sentiment from institutional investors. Increased buy wall activity near $2.70 reflects confidence in further upside.

Buy to sell ratio: 3.4:1, in favor of long positions.

Average trading volume: $52,000, indicating participation from larger players.

3️⃣ Technical indicators

Moving averages:

50-day EMA: $2.35 (bullish trend confirmation).

200-day EMA: $1.84 (bullish crossover).

Relative Strength Index (14): At 72, it indicates overbought conditions, but bullish momentum often continues in such areas during major rallies.

MACD: Positive divergence, with the histogram expanding, further confirming the bullish strength.

4️⃣ Scales on the chain

Whale Activity: Over 15 million XRP has been moved from exchanges in the past 24 hours, reducing selling pressure.

Transaction Volume: On-chain activity has surged, with XRP handling over 2.5 million transactions per day, fueled by global remittance activity.

Developer Activity: Ripple’s RLUSD stablecoin, which is expected to launch tomorrow, is already creating buzz on the chain, with wallet activity up 22%.

5️⃣ Market Sentiment and Expectations

Market sentiment remains very bullish, as reflected in derivatives data:

Open interest options: $650 million, with a 70% bias toward calls.

Futures funding rate: 0.015%, indicating strong long positions in perpetual contracts.

Price forecast

Bullish case: If XRP closes above $2.85 today, momentum could push it to $3.25 in the short term, with a potential $5 by Q1 2025.

Downside risk: Profit taking may lead to a consolidation phase between $2.25 and $2.50 before a potential bounce.

The next few days are crucial for XRP’s trajectory. Technical, on-chain, and market indicators point to a high probability of continued growth, but caution is advised as market volatility remains a factor. For traders, risk management and strategy alignment are key to navigating this dynamic environment.