XRP Price Jumps 14% As Long/Short Ratio Rises, $1 Coming Soon?

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As a seasoned researcher who has witnessed the ebb and flow of the crypto market for years, I must admit that the current XRP price surge is capturing my attention. The 14% gain in the last 24 hours, coupled with the surge in trading volume and open interest, is reminiscent of the bull runs we’ve seen in the past.

As an analyst, I find it noteworthy that while most cryptocurrencies appear to be consolidating, XRP is bucking the trend and continuing to climb, with a substantial 14% increase over the past 24 hours. Remarkably, Ripple has once again approached its significant resistance level at $0.75, pushing its market cap beyond $41 billion. Additionally, the daily trading volume for XRP has experienced a significant surge, reaching an impressive $11.53 billion, marking a 166% rise.

Is FOMO Building Up for A Mega XRP Price Rally?

According to Santiment’s blockchain analysis, XRP has seen the most long (buy) versus short (sell) positions on Binance exchange since March this year. This suggests that bullish sentiment is growing, with investors anticipating a potential surge towards $1 after the price broke through the $0.75 resistance. This optimism could be fueled by discussions about resolving the ongoing legal dispute between the SEC and Ripple.

Moreover, the buzz surrounding XRP conversations is rapidly escalating, accounting for around 4% of the entire crypto conversation. This surge in attention coincides with the significant 45% rise in the value of Ripple’s cryptocurrency over the last week following Donald Trump’s election win.

The crucial challenge ahead for XRP lies in surpassing its March peak at $0.74. Market mood and the fear of missing out (FOMO) are significant factors that could propel it higher. Moreover, analysts emphasize the importance of ensuring a well-balanced funding structure on leading exchanges such as Binance. This is to prevent the accumulation of overleveraged long positions, which might otherwise pose risks.

New All-Time High to $8 Ahead for the Ripple Crypto?

According to data from Coinglass, the open interest for XRP has increased by 14% to reach approximately $1.120 billion. This surge has caused around $24.5 million in liquidations over the past day. The significant rise in open interest suggests a strong bullish outlook for the altcoin, with investors anticipating further gains in the near future.

crypto expert Armando Pantoja is pointing out a substantial potential in XRP, predicting a price range of $8 to $30 for this digital currency. Pantoja compares the current technical signals for Ripple’s cryptocurrency with similar patterns observed during past significant market surges.

As Pantoja explains, the last time XRP displayed a pattern similar to the current one – characterized by a symmetrical triangle formation, a positive Moving Average Convergence Divergence (MACD), and rising volume – the digital currency skyrocketed from almost negligible values to over $3. He cautions that this might be the final opportunity to acquire XRP at levels below $1.

In $XRP last time we saw a pattern like this, it went from pennies to over $3.

Now we’re seeing it again:

Symmetrical Triangle Pattern + MACD + Increasing Volume = target of $8-$30.

This is your last change for #XRP under $1.

— Armando Pantoja (@_TallGuyTycoon) November 12, 2024

According to market experts, it’s possible that the value of Ripple (XRP) could reach a market capitalization of around $100 billion in the near future, potentially pushing its price up to approximately $1.28.

Meanwhile, the Ripple network is actively pursuing growth by seeking collaborations with various industry partners. Notably, Cardano‘s founder, Charles Hoskinson, has recently suggested the possibility of a partnership with Ripple, though specifics about this potential alliance remain scarce.

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2024-11-13 08:00