According to expert technical analysis, despite gaining a massive price surge during a market correction, XRP is currently facing a strong resistance level of $0.647. Moreover, the token is in an uptrend as it trading above the 200 Exponential Moving Average (EMA) on a daily time frame.
Based on recent performance, if XRP breaches the resistance level and closes a daily candle above the $0.65 level, there is a strong possibility that it could soar by 15% to reach the $0.75 level in the coming days.
Bullish On-Chain Metrics
However, XRPâs bullish outlook is further supported by on-chain metrics. Coinglassâs Long/Short ratio currently stands at 1.027, indicating a strong bullish sentiment among traders.
Additionally, its future open interest has skyrocketed by 17.9% in the last 24 hours and 7.3% in the last four hours. This rising open interest indicates tradersâ and investorsâ sentiment and potentially they might be betting more on long positions than short positions.
Currently, 51.25% of top traders hold long positions, while 48.75% hold short positions. While combining all this on-chain data with technical analysis, it appears that bulls are dominating the XRP. $XRP
