Metrics that Trigger Ripple Double-Digit Spikes Reemerges: XRP Price to Rally If…

In a discourse surrounding XRP, the analyst known as Cryptoinsightuk has shared insights that highlight the potential for a significant price movement. They reiterate their observations from the previous day, emphasizing the nature of the 12-hour chart for XRP.

Cryptoinsightuk notes that the last time the market experienced spot volume akin to the current levels, coupled with a considerable decline in open interest and prolonged negative funding rates, it marked a bottom for the price.

Following that event, XRP rallied approximately 50% in a short span, potentially bringing it toward the $0.75 mark, which is the upper limit of its multi-year trading range. The analyst suggests that this upward movement could materialize if Bitcoin’s recent downward trends stabilize.

Read Also: How Much Will 5,000 SUI Tokens Be Worth by 2025? Sui Price Prediction

XRP Price Analysis

The analyst’s chart for XRP/USDT on Binance-Futures, viewed in a 12-hour timeframe, illuminates several critical technical patterns aligning with Cryptoinsightuk’s observations:

XRP is currently trading around $0.52 after a notable sell-off, having bounced 7.31% from a local bottom at $0.48, indicating buying pressure and potential for recovery.

A significant horizontal support zone has been identified between $0.48 and $0.45, previously serving as a demand zone during earlier dips. This suggests that buyers are likely to defend this area if tested again.

The recent spike in volume over the past 12 hours signals strong market participation, hinting at a possible local bottom, as indicated by Cryptoinsightuk.

Read Also: Render (RNDR) Price Gearing for Double-Digit Spike, But These Key Resistance Levels May Shorten Rally

The chart shows a sharp decline in open interest, reflecting a significant flush in leveraged positions. This scenario, described by Cryptoinsightuk as a potential capitulation, often signals a market reversal as selling pressure diminishes.

Negative funding rates observed over an extended period indicate a dominance of short positions. Historically, such prolonged negativity can lead to short squeezes, triggering sudden price surges.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

Bitcoin Price Must Stabilize First

The analysis derived from the chart and indicators aligns with Cryptoinsightuk’s insights. XRP has demonstrated resilience within the $0.48 to $0.45 support zone. Spot volume, funding rates, and open interest collectively suggest a potential bottom formation.

Should Bitcoin stabilize, XRP may follow a trajectory similar to its previous rally, targeting $0.75 as the next significant resistance level. This conclusion is reinforced by both technical analysis and historical patterns that have previously led to substantial gains in XRP’s price.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

CaptainAltcoin
Logo