Is It a Good Time to Buy?
XRP’s value has been climbing in recent days as enthusiasm for upcoming cryptocurrency regulations outweighs the challenges posed by recent legal appeals from the U.S. Securities and Exchange Commission (SEC). With the departure of the SEC chairman and the appointment of Paul Atkins as his successor, some investors are hoping that regulators may choose not to proceed with the case.
XRP rises on strong on-chain data
The price of XRP has reached a new all-time high, surpassing major highs from 2017. The rise was driven by increased interest in derivatives markets. According to data from Coinglass, liquidations in the past 24 hours were close to $43 million, with the majority of the $25.2 million in liquidations borne by sellers.
Also read: 80 million XRP transferred to exchange, adjustment is coming?
According to data from Coingecko, the price of XRP has surged to $3.37, a level not seen in several years. This altcoin, primarily used for payments, has shown strong growth recently, gaining over 12.6% in the last day alone, 43.8% over the past week, and an impressive 460% over the past three months. .
Read more: XRP vs. SEC: Experts assess the outcome of Ripple litigation after January 20
Although the SEC appealed a July 2023 court decision that partially dismissed its claims against Ripple Labs, this did not have a negative impact on the price of XRP. The lack of downward pressure on prices is due to Gary Gensler’s announcement that he will step down after Trump takes office.
According to Coinglass, total open interest in XRP futures on major cryptocurrency derivatives exchanges increased by 14.07% in the past 24 hours, reaching a new high of $8.17 billion. Additionally, the long-short ratio has surged significantly and is currently trading at 1.23. This shows that bets on a price surge are surging, as 55.2% of traders currently expect prices to break through the all-time high of $3.4.
What’s next for XRP price?
XRP managed to hold above the breakout levels, showing that bulls remain in control. The price is now expected to rise further as its momentum remains above $3.3. At the time of writing, XRP price is trading at $3.35, having surged over 14.8% in the past 24 hours.
XRP price continues to climb, aiming to maintain momentum above $3.4. If it remains above the EMA20 trendline, this would indicate a rise in price to $3.5, potentially leading the XRP/USDT pair to the $4.84 target. As a result, XRP is set to reach new all-time highs.
On the other hand, if the price cannot sustain above $3.4, it means that the bears are exerting pressure on higher prices. This could push the price towards the EMA20 trendline, leading to a retest of support. This could prompt short-term traders to take profits, which could push the price down to the EMA100 trendline at $2.5.
