The US presidential elections have significantly impacted XRP's price. The token reached a level where further growth is anticipated by analysts.
XRP Technical Analysis and Key Levels
According to CoinPedia's technical analysis, XRP faces strong resistance near the $0.75 level. Previously, this led to a price decline, but the sentiment shifted post-March 2024. If XRP breaches this resistance and closes above $0.76, it might rally to $1.36. However, the $0.95 level poses a potential hurdle. XRP trades above the 200 EMA on daily and weekly charts, and the RSI suggests potential bullish momentum.
Bullish On-Chain Metrics
In addition to technical analysis, on-chain metrics favor a bullish outlook. Coinglass data shows a 22% rise in XRP's open interest (OI) over the last 24 hours, indicating strong trader activity. Major liquidation levels are at $0.657 and $0.736, with traders highly leveraged at these points. The data indicates potential liquidation of positions worth $47.56 million and $31.72 million if the price moves either way.
Current Price Momentum
As of press time, XRP is trading near $0.68, having surged by 13.5% in 24 hours. This increase saw a trading volume jump of 170%, signaling heightened trader and investor attention amid a potential breakout.
Donald Trump's victory in the US elections positively influenced XRP's price. Despite possible corrections, several analysts and metrics point to a bullish trend.
