#xrpRising#CryptoMarketMoves According to expert technical analysis, XRP looks bullish as it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame. The asset’s price above the 200 EMA hints that it is in an uptrend.
In addition to XRP’s uptrend, it has also formed an inverted head-and-shoulder price action pattern. Based on historical price momentum, if XRP gives a breakout of this price action pattern and closes a daily candle above the $0.65 level, there is a high possibility it could surge by 15% to reach the strong resistance level of $0.75.
The $0.75 level will act as a strong resistance level, as XRP has reached this level three times since 2023, each time facing significant selling pressure. However, a significant rally could follow if XRP manages to break through this level.
XRP’s Rising Open Interest
Following this bullish price action pattern, XRP’s open interest has skyrocketed by 12%, and it has been gradually increasing, according to the on-chain analytic firm CoinGlass. This indicates a growing interest from investors and traders as XRP approaches the breakout level.
At press time, it is trading near $0.63 and has experienced a price surge of over 5% in the last 24 hours. Meanwhile, its trading volume increased by 30% during the same period, indicating higher participation from traders.
Major Liquidation Levels in XRP
As of now, the major liquidation levels are near $0.596 on the lower side and $0.651 on the upper side, as traders have over-leveraged in the last 24 hours, according to CoinGlass data.
If the market sentiment remains the same and the price rises to $0.651, nearly $11.81 million worth of short positions will be liquidated. Conversely, if the sentiment shifts and the price falls to the $0.596 level, nearly $22.90 million worth of long positions will be liquidated.
This shows bulls are back in the action and there is a high possibility that XRP could experience a breakout and reach the $0.75 level.
