- XRP reached $0.741, marking its highest price in 2024 amid rising liquidation levels.
- Analysts highlight XRP’s bullish breakout, with $1M as a potential near-term target.
- XRP liquidation data shows $90M in long and $70M in short positions around key levels.
Reclaiming its top digital assets status, XRP has seen a tremendous price surge. Within a short time, the cryptocurrency went up from under $0.60 to $0.741. It was a big rebound after Dogecoin outperformed it by market capitalization earlier this week. The price of $0.7314 became XRP’s highest in 2024, surpassing its previous peak set in March.
This upward momentum has sparked interest in XRP’s exchange liquidation activity. Binance and Bybit dominate liquidation levels at crucial price points, while OKX provides less liquidity but still plays a role.
There are more than $90 million of long positions sitting in the range around $0.598. On the other hand, just over $70 million is focused near $ 0.763 in short positions. If XRP continues its climb, shorting could liquidate the positions, dragging the price closer to $1.
Liquidation Dynamics Across Exchanges
XRP’s recent activity has seen top exchanges like Binance and Bybit as some of its key players. At significant price levels, we see substantial liquidation volume on Binance and Bybit. OKX represents lesser pressure in particular ranges. This dynamic suggests that market participants on these platforms could influence the next price movement.
A break above $0.675 could trigger a cascade of short liquidations and increase momentum for XRP’s price. On the downside, a fall below $0.67 could increase the likelihood of long liquidations, particularly if the price approaches $0.63. These shifts indicate that both bullish and bearish scenarios remain in play.
XRP Rises On Market Optimism: Price Predictions And TrendsAnalysts Predict Bullish Breakout
Considering XRP’s performance, several market observers state that the crypto would witness a bullish run. Crypto analyst Dark Defender mentioned that key technical indicators fueled a bullish breakout not too long ago. The analyst added that it has broken distant levels, including its Relative Strength Index (RSI), signaling positive momentum.
He highlighted the occurrence of a ‘Golden Cross’ on the weekly RSI, a pattern often linked to strong bullish trends. Additionally, XRP’s RSI surpassing the 50% mark was cited as an “extremely bullish” development. The analyst identified $0.6649 as a crucial threshold, suggesting that surpassing this level could pave the way to $1.
Long-Term Projections
Another crypto, Mikybull Crypto, gave a broader outlook on XRP’s price path. He pointed out that the token tends to get beaten up during election cycles but rallies back soon. Mikybull drew from historical patterns that XRP would hit $19 shortly, ensuring that the market would accelerate rapidly.
