XRP price renewed bullish push after the sell-off in July and early August keeps the dream for a $1 rally alive. Traders show readiness to take position ahead of a major breakout buoyed by strong fundamentals and a robust technical structure.
While Bitcoin and Ethereum struggle to maintain recent gains, the cross-border remittance token continues to exhibit bullish momentum among altcoins such as Dogecoin (DOGE), TRON (TRX), and Avalanche (AVAX).
XRP Price Market Movers: Rising Buying Activity and Robust Futures Market
XRP price eyes a new recovery phase above $0.6 as whales increase risk appetite. According to Santiment’s supply distribution metric, addresses holding between 10,000 and 100,000 XRP currently account for 11.32% of the total network supply, up from 11.25% on August 2. Similarly, addresses with between 1 million and 10 million XRP took advantage of the correction to $0.42 and increased their cumulative holdings to 6.3%.
The derivatives market made a strong comeback, with the XRP futures open interest soaring 3.43% to $671 million. Based on Coinglass data, trading volume jumped 30% to 2.14 billion in addition to a 36% increase in the options open interest to $648 million.
Rising buying activity and robust derivatives indicators often hint at strong investor interest and confidence in Ripple price. This unique combination often suggests possible upward movement bucked by increased demand for the token and speculative activity.
Ripple Price Analysis: Gearing Up For Another Move
XRP price failed to breach $0.62 resistance earlier today, resulting in a correction to seek support above the 20-day Exponential Moving Average (EMA). The token hovered at $0.5971 at the time of analysis, showing potential for a bigger leg up above $0.6.
The SuperTrend flip below XRP signals a potential bullish trend reversal. Traders view this as a buying opportunity, expecting the uptrend to gain momentum in the near future.
Traders will look for a breach of $0.6 resistance before scooping more XRP. As confidence in the uptrend grows, the path of least resistance will remain upward toward $1.
XRP remains under seller control until the $0.6 resistance breaks. If the $0.55 support holds, consolidation is possible before another attempt at $1.
Frequently Asked Questions (FAQs)
XRP price shows potential to break above $0.6 immediate support which if successful will ignite the next rally to $1.
Macroeconomic factors such as the interest rates cut in September holder behaviour.
Recovery from $0.42 support signals a potential bottom for XRP price.
John Isige
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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