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…

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Filed under: News - @ December 4, 2024 4:19 pm