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XRP soars 25% in 7 days and targets 50% rally, according to analyst
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Ripple’s XRP token has seen an increase of more than 25% in the last week and 5% in the last 24 hours, defying the small correction seen in altcoins such as Ethereum, BNB and Cardano.
As FXStreet analyst Michael Ebiekutan noted, if the asset manages to stay above important technical resistance, it could experience a rally of up to 50%.
In recent days, XRP has seen a notable increase in open interest contracts, reflecting the growth of capital from investors in the token.
According to futures market data, XRP open interest jumped 75% in just one week, rising from $681 million on November 5th to over $1.2 billion on November 12th. This increase, combined with the price advance, suggests that new investors are interested in the asset and support the upward movement.
Interest in XRP grows
In the options market, the trend is also favorable for XRP. Data from Deribit indicates that there are 5.6 million call contracts with a strike price of $0.72 and expiring on November 29. These contracts, which grant the right to purchase the asset at a fixed price, signal an expectation from investors that XRP could surpass this mark in the coming weeks.
This large volume of call contracts motivates traders to protect this price level, holding it as a possible support for further highs.
The Ripple token is currently priced at around $0.67 after recording significant liquidation volume worth $21.38 million on Tuesday. Among the liquidated positions, the buy and sell positions reached, respectively, US$ 14.37 million and US$ 7.01 million, according to data from Coinglass.
Ebiekutan noted that, on the weekly chart, XRP shows signs of a significant breakout, after surpassing the 100-day simple moving average and approaching the “neckline” resistance of a technical pattern known as “inverted head-shoulder”. ”.
This resistance point, located around $0.7440, still represents an annual barrier. If XRP manages a sustained breakout above this level, the analyst projects a possible rally of almost 50%. This eventual increase would increase the price to approximately US$1.10. XRP has not reached this value since November 2021.
However, to achieve this upside objective, XRP needs to overcome the intermediate resistances at $0.8547 and $0.9380. The presence of technical indicators such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) above neutral levels reinforces the increase in buying strength. This could sustain the uptrend in the short term.
XRP soars 25% in 7 days and targets 50% rally, according to analyst
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XRP soars 25% in 7 days and targets 50% rally, according to analyst
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XRP soars 25% in 7 days and targets 50% rally, according to analyst
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XRP soars 25% in 7 days and targets 50% rally, according to analyst
