Why is XRP price up today?
The XRP price is up today, and the altcoin’s market structure suggests it may rise further.XRP ($0.6472) has outperformed the overall crypto market, rising 1.5% in the last 24 hours and reaching an intra-day high of $0.6328. In comparison, the worldwide crypto market capitalization has fallen by 0.3% during the same period, to $2.3 trillion.XRP’s price increase on September 29 was accompanied by increased trading activity, which has continued over the previous seven days. XRP spot trade volumes surpassed $2.2 billion on September 28, up 133% since September 21. Its market capitalization has also risen to $35.4 billion, solidifying its place as the world’s seventh-largest cryptocurrency.
XRP outperforms Bitcoin
The XRP price increased from $0.5857 on September 28 to an intra-day high of $0.6328 on September 29. XRP is now trading at an average price of $0.6285 as of the time of posting. Coinglass data shows that nearly $1.9 million in long and short bets on XRP’s price behavior were sold in the last 24 hours. Of the $1.37 million in liquidated bets, 73% were long positions.
The rise in XRP price coincides with a little decrease in the cost of Bitcoin, which is currently $64,527.65. The largest cryptocurrency by market capitalization has dropped by less than 0.1% in the previous 24 hours, falling below $66,000 to $65,700.
Four-year symmetrical triangle suggests explosive XRP price growth
According to pseudonymous crypto expert Milkybull Crypto, a massive symmetrical triangle on the monthly chart is another optimistic indication pointing to XRP’s “explosive” price development. “The $XRP breakout of the 4-year triangle will be explosive, to be honest,” the analyst stated in a September 29 X post.
This was in response to the September 28 XRP analysis, which revealed that the price was trading in a four-year-long symmetrical triangle. If XRP breaks above the top trendline, it may indicate a broader bullish trend. The anticipated upside can be calculated by adding the height of the triangle’s widest point to the breakout level.
According to Milkybull Crypto, XRP’s bullish breakout from its present level of $0.6153 might result in significant gains between $10 and $20. “The amount of bearish sentiment around this asset makes it possible to pull such returns.”XRP/USD daily chart. Source: Trading View.
The 50-month EMA of $0.5743 also serves as a dynamic support. Staying above this level increases XRP’s chances of reaching $1 by the end of 2024. Meanwhile, futures traders are skeptical of a swift revival, putting $16.76 million in short bets at risk if the price returns to $0.65. A further 10% drop to $0.6 would wipe away $17.75 million in long bets.
Buy and sell crypto in minutes with 0.20% trading fees at Bitdenex Exchange.