XRP price and technical chart analysis
The post XRP price and technical chart analysis appeared on BitcoinEthereumNews.com.
XRP performance over the past week and month is nothing short of spectacular, climbing 78.54% and 403.57%, respectively. With a market capitalization of $146.56 billion, the token priced at $2.56 at the time of publication has solidified itself as the third-largest cryptocurrency. This rally has been supported by several key factors, including rumors surrounding Ripple’s expanding ecosystem, growing optimism over regulatory clarity, and a broader bullish trend in the crypto market. XRP’s 318% gain over the last year outperformed 81% of the top 100 cryptocurrencies, including Bitcoin and Ethereum. Meanwhile, technical indicators remain strong, with the token trading above its 200-day simple moving average and recording 20 green days in the past 30 days. However, with XRP now in overbought territory, there is room for caution that a short-term pullback may be on the horizon. XRP overbought and SMA technical analysis chart. Source: Finbold Thus, traders should be wary of immediate support which lies at $2.23, with $2.94 acting as a critical resistance level. A breakthrough above this could set the stage for an assault on its all-time high (ATH) of $3.55. On-chain analysis On-chain data revealed a massive transaction of 100 million XRP ($273 million) to the Bithumb exchange, as whales accumulate the asset at scale. Remarkably, XRP’s 24-hour trading volume reached $23.53 billion, exceeding that of Bitcoin and Ethereum combined for the first time, signaling unparalleled liquidity and market activity. XRP’s technical setup suggests a continued bullish trajectory, but key levels need to be watched closely. The psychological resistance at $3.00 remains a major hurdle, with $2.94 offering an immediate test of strength. A decisive breakout above these levels could pave the way for XRP to challenge its ATH of $3.55, last seen during the 2017 bull run. Conversely, a failure to hold $2.23 as support could trigger…
Filed under: News - @ December 4, 2024 4:19 pm