The price of XRP, the native token of the Ripple payment network, rose 4% over the past day to $0.639999. This came on a day when the cryptocurrency market overall rose by 5% due to rising optimism.
XRP is up 4% in the past month and 1.5% in just one week. It is currently the fifth largest token by market capitalization, having increased by a remarkable 80% since the beginning of the year. This shows how, in the cryptocurrency world, XRP is moving in its own rhythm.
XRP shows renewed enthusiasm
Thanks to the general boom in the cryptocurrency market, the token has emerged from a long dormancy with encouraging indicators. Even though it has not been fully restored to its former glory, the remnants of its strength are beginning to flare up once again.
In the coming days, analysts expect it to rise by another 15%, bringing its value to $0.72. Technical indicators show cautious optimism, scoring 72 points for “greed” and neutral positive mood.
XRP Greed Index at 72. Source: Coincodex
When a cryptocurrency’s index is labeled “greed”, it indicates a positive market sentiment where investors are optimistic and more willing to take risks.
This sentiment is measured on a scale ranging from extreme fear to extreme greed, with a bias toward “greed” indicating increased confidence and positive expectations among market participants.
An increase in buying demand could push XRP price higher and into the $0.65-$0.71 supply zone. A break would be needed to confirm the continuation of the intermediate trend and close above the midline of this order block at $0.68.
If this order block turns into support then XRP price could aim for the psychological level of $0.8000.
XRP market cap currently stands at $34.12 billion on daily chart: Tradingview.com
With the approval of a Bitcoin ETF and a potential rate cut potentially leading to a full-blown bull market next year, it’s possible that today’s market-wide surge marks the beginning of a year-end rally.
If this is the case, Ripple’s recent win at the SEC and the company’s recent expansion should help XRP significantly.
While XRP’s 24-hour trading volume has exceeded $1.3 billion, the altcoin’s support level is still slowly rising. This shows that during that period, a large amount of XRP was bought and traded.
XRP Momentum: Growing Support, Increased Trading Signals Growth
Positive sentiment is often associated with rising support levels as they show that more traders and investors are willing to buy XRP at higher prices, and larger trading volumes indicate more activity and liquidity in the market.
This is still well below the levels of more than $3 billion seen in early November, but a notable increase compared to levels seen in September and early October.
Put differently, there is ample opportunity for XRP’s current surge to continue and perhaps gain even more momentum.
Meanwhile, in a post on his X platform, cryptocurrency expert JD said that MACD (Moving Average Convergence Divergence) was the catalyst for the market’s explosive growth.
As JD noted, the “parabolic” spike in XRP occurred at the same moment the MACD last moved above zero. Although that hasn’t happened this time, he says the market is rapidly approaching that point.
The large trading activity shows that a lot of people are involved in XRP, making it important in the crypto world. As the coin’s greed index rises, everyone is excited to see what happens next with XRP, as it sits on the edge of market changes driven by sentiment and a lot of trading.
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