Amid the ongoing bull run, Ripple’s native token, XRP, is making waves in the cryptocurrency industry with its impressive performance. As of today, November 16, 2024, the XRP token has experienced a significant price surge of over 25%, breaching the $1 level for the first time since 2021.
Why XRP Price is Increasing?
With this notable price surge in the past 24 hours, XRP is currently trading near $1.026 and has seen a significant 35% increase in its trading volume. This spike in trading volume suggests heightened participation from traders and investors, potentially driven by the possible resignation of Securities and Exchange Commission (SEC) Chair Gary Gensler.
Bullish On-chain Metrics
In addition to the increase in trading volume, XRP’s open interest has surged by 31% during the same period, reaching its highest level since the beginning of November 2024. This further supports XRP’s bullish outlook.
Additionally, the asset’s long/short ratio currently stands at 2.80, the highest since January 2024. A ratio above 1 indicates strong bullish market sentiment among traders.
Traders and investors often consider rising open interest and a long/short ratio above 1 when building long positions. However, given the current market sentiment, this appears to be an ideal buying opportunity.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, XRP has broken out from a strong resistance level of $0.95 and is now heading toward the next resistance level of $1.50. Despite the notable price rally in the past 24 hours, there is a strong possibility of some price correction before XRP reaches the next hurdle.
However, if the speculation regarding the resignation of the SEC Chair proves true, we may see a further upside rally, and XRP could potentially reach its all-time high (ATH) during that period.
As of now, the sentiment is bullish, and investors and traders appear to be showing increased participation in the asset.
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