#XRP’ is on a strong growth trajectory, likely due to a number of positive developments.
As of September 15, 2024, the cryptocurrency market, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), is struggling to grow.
Meanwhile, Ripple's XRP token stood out with a 4% price increase, attracting great attention from investors and traders.
Reasons for XRP's Strong Rise
XRP is on a strong growth trajectory thanks to several recent positive factors:
Announcement of Grayscale XRP fund in the US.
Ripple's legal counsel confirms XRP lawsuit is over.
The fine was reduced from $2 billion to $125 million.
These developments have created optimism in the market and attracted investor interest.
Current Price Performance
XRP is currently trading near $0.597, up more than 4% over the past 24 hours. During the same time period, trading volume has decreased by 2%, indicating that investor participation is decreasing amid the market turmoil.
Price Prediction $XRP
According to technical analysis, XRP is in an uptrend as it is trading above the 200 exponential moving average (EMA) on the daily time frame. If the current trend continues, XRP could reach $0.65, the next resistance level.
If this level is broken, XRP is likely to reach $0.75 in the coming time.
On-chain Bullish Index of $XRP
The bullish forecast is reinforced by on-chain indicators. According to data from Coinglass, XRP’s Long/Short ratio is 1.027, indicating positive market sentiment.
Moreover, 50.36% of large traders are holding long positions, while 49.64% are holding short positions, suggesting that bulls have the upper hand.
XRP futures open interest volume also increased by 9% over the past 24 hours, signaling an increase in long bets.
