XRP, the native token of Ripple, is attracting attention in the cryptocurrency community with its significant surge of over 17%, outperforming Bitcoin, Ethereum, and other cryptocurrencies.
Confident Traders and Investors
This recent surge in XRP was caused by a breakout from the consolidation zone, attracting significant interest from traders and investors. According to Coinglass, XRP's open interest (OI) has increased by 35% in the last 24 hours and 7.9% in the last four hours. This rise in OI indicates the interest and confidence of traders. Additionally, as noted by CryptoQuant, whales have accumulated a significant 130 million XRP tokens during the consolidation period over the past week.
XRP Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, XRP shows bullish momentum after breaking out of the consolidation zone and could rise by 15% to the $2 level. However, technical indicators like the Relative Strength Index (RSI) suggest a potential price correction in the coming days.
Current Price and Market Outlook
At the time of writing, XRP is trading at $1.71, with a price increase of over 17% in the past 24 hours. During the same period, its trading volume jumped by 75%, indicating heightened participation from traders and investors amid a bullish outlook.
The sharp rise in XRP has confirmed strong investor interest and confidence, but leads to potential volatility in the near future, requiring close monitoring of market dynamics.
