XRP, currently trading at $0.5663, has plummeted by 0.05% in just a single day and 4.40% over the past week. However, it has demonstrated stability around the $0.55 mark, which has historically proven to be of great support, withholding XRP’s price from further decline.
Source: CoinMarketCap
Following the negative sentiment, XRP’s trading volume painted a similar picture. In just 24 hours alone, it slumped by 8.95% to $829.276 million, implying a decrease in the asset’s short-term trading activities.
In addition, its intraday market capitalization slightly ebbed to $31.855 million, positioning XRP in the 7th spot in crypto market rankings.
Key Levels to Watch
At press time, XRP was trading near a support level of around $0.5653, with extra support observed at the $0.5464 threshold. Contrastingly, the asset’s resistance levels are positioned along the $0.5730, where the token formed a double top pattern, and $0.5774 along the 38.2% Fibonacci level.
Source: TradingView
A breach above these levels could affirm the genesis of a bullish trend for XRP. Technical indicators support this sentiment, however, they indicate low volatility for the asset. For instance, the Bollinger Band indicator is trending sideways, suggesting fewer price fluctuations in the XRP market.
Moreover, the RSI index is in the neutral zone at 51.85 to slightly bullish, implying a potential consolidation period in the near term. The MACD, on the same accord, is on the verge of a bullish crossover with the zero line at -0.0005.
This signals a potential uptrend looming, making it very important for traders to monitor the market closely.
Analyst Predicts XRP’s Bull Run
In an X (formerly Twitter) post, crypto analyst BarriC argues that the much-awaited bull run will kick off in October, triggering XRP’s uptrend. Following this forecast, the analyst advised that there was still an open chance to accumulate XRP under $1 before the bull run, which could push the token to a peak of $3 by December. According to him,
There’s STILL an opportunity right now to accumulate #XRP below $1…By November / December, you will have lost the opportunity to accumulate $XRP below $3 let alone below $1.
Adding to the bullish sentiment, the analyst noted that a possible introduction of an XRP ETF in the first half of 2025 may also act as the key driver of further price increases.
On-Chain Metrics Reflect Mixed Market Sentiment
According to CoinGlass derivatives, XRP’s OI-weighted funding rate is currently in the green zone, marking an increase of 0.0093% in the last 24 hours. This shows that many long position holders are willing to pay a premium to hold their positions, indicating strong bullish sentiment in the market.
Source: CoinGlass
Additionally, XRP’s open interest, options volume, and options open interest have increased by 1.27%, +135.22%, and 7.14%, respectively. These positive indicators imply investors’ confidence in the token’s future performance and growth.
Meanwhile, the long/short ratio indicator signals caution with more short positions than long ones. This could suggest some uncertainty or bearish sentiment among traders despite the overall positive market indicators for XRP.
