XRP, the native cryptocurrency of Ripple Labs, is experiencing significant fluctuations in the market. Currently, the price of XRP is $2.32, down $0.23 (-9.02%) from the previous closing price. During the day, the highest price reached $2.58 and the lowest was $2.19.
Recently, large investors purchased 30 million XRP worth $78 million within 24 hours, after 920 million tokens were bought from Binance earlier in the week. This activity indicates strong buying pressure and increased interest from large investors.
The upcoming launch of Ripple USD (RLUSD) has also positively affected market sentiment, with the price of XRP rising over 6.10% and trading volume increasing by 41% within 24 hours after the announcement. The Relative Strength Index (RSI) is currently at 66, indicating room for further upward momentum.
Technical analysts have identified a 'bull flag' pattern on the daily chart. If XRP closes above the resistance level of $2.67, the price could increase by 79% to $4.50, creating an attractive investment opportunity.
However, it should be noted that the cryptocurrency market is highly volatile and cannot be accurately predicted. Investors should be cautious and conduct thorough research before making investment decisions.
