Originally published on: September 30, 2024
XRP has been making waves in the cryptocurrency market, with its price surging 1.5% in the past 24 hours and reaching an intra-day high of $0.6328. This growth comes at a time when the global crypto market capitalization is down by 0.3% to $2.3 trillion.
Accompanying XRP’s price surge is a significant increase in trading activity, with spot trading volumes surpassing $2.2 billion on Sept. 28, marking a 133% rise since Sept. 21. As a result, XRP’s market capitalization has climbed to $35.4 billion, solidifying its position as the seventh-largest cryptocurrency globally.
After a period of sideways price movement, XRP seems to be gearing up for a sustained recovery. Several factors are driving XRP’s price surge today, including a rise in trading volumes and growing market capitalization.
Data from Cointelegraph Markets Pro and TradingView shows that XRP’s price has jumped from $0.5857 on Sept. 28 to $0.6328 on Sept. 29. As of press time, XRP is trading at an average price of $0.6285.
Moreover, XRP’s performance against Bitcoin has been impressive, with a 31% increase over the last 90 days compared to BTC’s 5% gains. This trend suggests that XRP may experience further growth in the coming months.
Technical analysis indicates that XRP is forming a large symmetrical triangle on the monthly chart, hinting at a potential bullish breakout. If XRP manages to break above the upper trendline, it could signal a broader uptrend, with projected gains ranging from $10 to $20.
Despite the positive outlook, futures traders remain cautious, with $16.76 million in short positions at risk if the price rebounds to $0.65. On the other hand, a 10% decline to $0.6 would wipe out $17.75 million in long positions.
It’s important to note that this article does not offer investment advice. Readers should conduct their own research and exercise caution when trading or investing in cryptocurrencies.
