• 24 June, 2024
Market News Markets News

Ripple Price Continues to Show resilience on What is Otherwise a Slow Day for the Crypto Markets

Recent Ripple price analysis indicates the XRP Network has been bolstered in part due to a recent surge in address activity, as well as a pattern of large social dominance spikes preceding increases in $XRP price. The resilience of XRP today is an encouraging sign for the token’s future prospects

XRP’s Daily active addresses,Social Dominance and price action:Santiment

The crypto markets have seen mixed results over the past day, with most altcoins showing minor price losses. Bitcoin and Ethereum slowed down as well but have failed to break out of the overall range-bound environment that has dominated the space since late February. However, in the last few hours, the prices for BTC and ETH have reversed to the upside, and are now in positive territory, up by over 4%.

Ripple is trading at $0.3725 and has experienced a gain of 3.32%. This move is surprising seeing as most other tokens have failed to make any notable progress today. The underlying reason for this price surge could be attributed to the recent spike in address activity on the XRP network.

XRP/USD Technical Analysis

Ripple is attempting to break out of an ascending triangle pattern on the 4-hour chart, which has been forming since late December. If the price action can crack above the $0.3780 resistance level, then it is likely that a further rally toward the $0.3900 area will be seen in the near future. The MACD indicator is also in bullish territory, indicating that the bulls are currently in control of the market. In addition to the bullish technical outlook, recent on-chain analysis suggests $XRP prices are being bolstered by a pattern of large social dominance spikes preceding increases in price. This rise in address activity could be indicative of a larger crowd joining the XRP Network, which would bode well for the token’s future prospects.

XRP/USD 4-hour chart:TradingView

Ripple’s price is on the verge of crossing the Exponential Moving Average’s 50, 100, and 200-day lines. The next level of resistance is at $0.3800 and a breakthrough will signal further upside momentum for the token.

The Chaikin Money Flow Indicator used to measure buying/selling pressure reveals that the money flow into XRP is still positive, which suggests that there is a strong underlying demand for the token. Meanwhile, XRP’s trading volume has increased by over 34% in the past 24 hours, currently totaling $1,365,333,531.

Overall, Ripple has been relatively resilient today despite a slow day for the crypto markets. The combination of technical and on-chain analysis suggests that XRP could be on the verge of a breakout to higher levels in the near future. The key support levels are at $0.3700 and $0.3580, while the key resistance levels are at $0.3780 and $0.3900.

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