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- 1 The XRP coin price bounced and retested the supply zone of the $0.7500 mark.
- 2 The coin price has witnessed the accumulation of bulls and is gaining momentum this week.
The XRP coin witnessed a notable bounce and has contributed gains of over 17% this week. Meanwhile, there was discussion and speculation regarding the upcoming XRP exchange-traded fund (ETF) approval, creating positive hype among investors. This positive development news led to bullish movements, and the XRP coin triggered a bullish wave, leading to a climb in the key moving averages.
At press time, the XRP coin price was trading at $0.6902 with an intraday drop of 0.44%, indicating neutrality on the charts. It has a weekly return ratio of 15.59% and 29.89% on a monthly basis. The pair of XRP/BTC is at 0.00000944 BTC, and the market cap is $37.50 Billion. Analysts are bullish and suggest the XRP coin price will continue to advance gains and may trigger a breakout above the $0.7500 mark soon.
XRP Signifes Bull Accumulation Along with Volume Surge
The above data indicates the price and volume profile of the XRP coin, which signifies a growing value and trading volume for the past sessions. This week, the coin has noted a surge of over 15%, rising over 210% to $3.10 billion. Apart from that, the trend is bullish, and buyers are looking aggressive. They seem determined to lift the coin price above the $0.7500 mark to register a breakout soon.
Price Volatility and Weighted Sentiment Outlook
The price volatility keeps rising with price movement, and sharp fluctuations were noted on the chart. The volatility curve noted an intraday decline of 23% to 0.01, which witnessed steady price moves. The total weighted sentiments are reverting from negative to positive, near 0.055.
Social Dominance and Twitter Followers Overview
The Social dominance curve noted a spike and surged to 1.687%, resembling investors’ growing interest in social media platforms in the last month. The Twitter followers data indicates a massive rise of 180% to 3264.
Transactional Volume and Active Addresses Overview
The transactional volume jumps to 553.30 Million, indicating investors are speculating about the coin and are making fresh positions, whereas the active addresses value jumps to 146k. The total number of holders persists in rising and has reached the top of 5.1 Million.
XRP is Near the Supply Zone; Can XRP Continue To Soar?
On the daily charts, the XRP coin noted a decisive up move and is sailing close to the supply zone of the $0.7500 mark, replicating the bull accumulation. Following the market surge, the coin gained traction and started contributing along with the popular altcoins.
The Relative Strength Index (RSI) curve stays near 78 in the overbought zone, forming a positive divergence on the charts. Similarly, the MACD indicator shows a bullish crossover and replicates bull accumulation.
Summary
The XRP coin (XRP) price signifies an up move and has bounced from the 50-day EMA mark, resembling the bullish momentum on the charts. Furthermore, the trend looks bullish, and fresh buying interest was witnessed in the last sessions.
Technical Levels
Support Levels: $0.6800 and $0.6500
Resistance Levels: $0.7100 and $0.7300
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
