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Ripple (XRP) Breaks Multi-Month Consolidation, Signaling Bullish Trend

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Ripple (XRP) Breaks Multi-Month Consolidation, Signaling Bullish Trend

  • Ripple (XRP) experienced a significant surge of 23.3% from $0.60 to $0.74.
  • XRP’s daily trading volume spiked by 312%, totaling $7.18 billion.

During the previous week, amidst a robust surge in the global market, XRP remained relatively subdued. However, today, the native token of Ripple, XRP, has displayed a notable uptick of 23.3%, surging from $0.60 to $0.74. Additionally, this surge has propelled XRP to the forefront as the top-performing cryptocurrency among the leading 100 by market capitalization.

Ripple (XRP) Breaks Multi-Month Consolidation, Signaling Bullish Trend
Ripple (XRP) Price Chart (Source: TradingView)

At the time of writing, XRP traded at $0.6968, with a market cap of $38 billion. Further, derivatives data for XRP shows a strong bullish sentiment among traders, with trading volume spiking by an impressive 312% in the past 24 hours, totaling $7.18 billion. Further, the open interest in XRP derivatives has surged by 33.77%, reaching $805 million.

The reason for the current surge in the XRP price remains unclear. But big whale transactions from Binance to unknown accounts recently caught attention. A massive 300 million XRP transfer, worth $187 million, came before the price rise, followed by more large transactions. People in the crypto community talk about possible whales or exchanges influencing the market.

What is XRP’s Next Target?

The climb to $0.74 marks a significant recovery for XRP, which has struggled to surpass the $0.65 threshold since November 2023. This resurgence has reignited anticipation among investors, with the potential for further gains if the positive trend persists.

According to the daily price chart, if XRP stabilizes above $0.67, it could target the next significant resistance level at $0.794. Subsequently, breaching this level may pave the way for even higher gains, with the next resistance standing at $0.834, potentially leading XRP toward the $1.18 mark.

However, a reversal in the current upward trajectory could see XRP retract towards support levels at $0.63 or even $0.57. Further, external market factors, such as Bitcoin’s stability and favorable inflation data, may propel XRP to new weekly highs in the days ahead.