- XRP faces a crucial breakout or rejection as it nears the apex of a descending triangle.
- Current trading is near $0.58, and key resistance is at $1.00, suggesting cautious optimism.
- The surge in XRP volume and whale activity highlights increased market volatility risks.
XRP is at a pivotal juncture, with crucial developments expected by the end of 2024. The cryptocurrency is priced at $0.581545 at press time, showing a 1.07% decrease in the last 24 hours. With a market capitalization of $32.67 billion and a trading volume of $1.67 billion, XRP is experiencing moderate fluctuations. As per Leb crypto, an analyst, it is crucial for investors to pay close attention to the upcoming months as the asset approaches a significant decision point.
The weekly XRP/USD chart reveals a descending triangle pattern since 2018. This pattern indicates long-term resistance that has been pushing downward. However, XRP recently moved within an ascending channel, which shows moderate growth and stabilization.
XRP is nearing the apex of the descending triangle; hence a critical breakout or rejection is anticipated by late December 2024. The current trading position near the 200-week moving average suggests neutral market sentiment. Consequently, the key resistance level stands around $1.00, while support is located near $0.40.
XRP Consolidates for 20 Days as Traders Expect BreakoutIn addition, the XRP derivatives market has shown a notable increase in trading activity. Trading volume surged by 63.52% to $2.13 billion. However, open interest has decreased by 6.85% to $636.13 million, suggesting some traders are closing positions. Moreover, the options market is experiencing substantial growth.
Volume has surged by 93.73%, and open interest has risen by 24.05%. The long/short ratios on major platforms like Binance and OKX indicate market optimism. Nevertheless, significant short position liquidations, including $2.99 million in the last 24 hours, highlight ongoing risks.
Additionally, Whale Alert reports nearly 200 million XRP changing hands in the past 10 hours. The transactions involved two major movements. The first transfer saw 100 million XRP move from wallet “rP4X2” to “rhWt2.” Subsequently, 94.33 million XRP, worth approximately $53.66 million, were transferred from “rn8om” to “rnTxM.”
The market shows a bullish sentiment tempered by caution due to recent short liquidations. Investors ought to monitor XRP’s price movements closely as it approaches critical resistance and support levels by the end of the year.
