XRP Price Could Rise By 20%, Hit $0.70 Due to These Reasons

2024-9-25 22:00

Ripple’s (XRP) price recently surged to $0.60, prompting renewed optimism around the broader market. While the price has again slid below the threshold, several indicators suggest that the token could bounce like it did six months ago.

In March, XRP’s price rallied to $0.72. This analysis highlights how XRP could move closer to that point again.

Interest in Ripple’s Native Token Picks Up

According to CryptoQuant, XRP’s Taker Buy/Sell Ratio rose to 1.06 on September 21, coinciding with the cryptocurrency’s climb to $0.60. The following day, the ratio dropped to 0.88.

The Taker Buy/Sell Ratio measures the volume of buys versus sells in the derivatives market, with values above 1 signaling bullish sentiment and values below 1 indicating bearishness.

As of this writing, the ratio has climbed back to 0.93, suggesting XRP traders may be turning bullish again and that the recent decline could be temporary.

Read more: 9 Best Crypto Desktop Wallets for 2024

Ripple Taker Buy/Sell Ratio. Source: CryptoQuant

Another indicator supporting a potential bullish outlook for XRP is Ripple’s Open Interest (OI). Open Interest represents the total number of open contracts in the derivatives market. When OI increases, it indicates that traders are allocating more money to XRP, gaining greater exposure to the cryptocurrency.

Conversely, a decrease in OI suggests net positioning is declining, with liquidity being pulled from the market. According to Santiment data, XRP’s Open Interest has risen to $710 million. This increase suggests that XRP’s price could recover some of its recent losses, as more traders are engaging in the market.

Ripple Open Interest. Source: Santiment XRP Price Prediction: Bullish Moves Ahead

On the daily chart, the token seems to be facing resistance at $0.60. Due to this, the XRP’s price dropped to $0.58. However, the same chart shows notable support at $0.57, suggesting that the altcoin might not slide below this region in the short term.

A long-term analysis reveals that $0.70 is a key level that attracted significant liquidity in the past. If XRP experiences increased buying pressure, it could potentially break through the upper resistance level at $0.67 and move toward $0.70.

Read more: XRP ETF Explained: What It Is and How It Works

Ripple Daily Price Analysis. Source: TradingView

If XRP surpasses the $0.67 resistance level, its next major target could be a potential 20% rally toward $0.70. However, if the cryptocurrency faces rejection, it could fail to reach this goal and instead drop to $0.52.

The post XRP Price Could Rise By 20%, Hit $0.70 Due to These Reasons appeared first on BeInCrypto.

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$ 2.2359 (-0.03%)
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Изменеия 24h: 1.25 %, 7d: -16.76 %
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xrp could due these reasons rise price

Источник: beincrypto.com

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