XRP Breaks $1 for First Time Since 2021, Traders Eye $1.5
Amid the ongoing bull run, Ripple’s native token XRP is making waves in the cryptocurrency industry with its impressive performance. As of November 16, 2024, the XRP token price surged by more than 25%, surpassing the $1 level for the first time since 2021.
Why is XRP price rising?
Following a significant surge in price over the past 24 hours, XRP is currently trading near $1.026 with a significant 35% increase in trading volume. The surge in trading volume points to increased participation from traders and investors, possibly due to the possible resignation of the chairman of the U.S. Securities and Exchange Commission (SEC) Gary Gensler.
Bullish on-chain indicators
In addition to the increase in transaction volume, Open Interest for XRP It surged 31% during the same period, reaching its highest level since early November 2024. This further supports the bullish outlook for XRP.
Additionally, the asset’s long-short ratio currently stands at 2.80, the highest level since January 2024. A ratio above 1 indicates strong bullish market sentiment among traders.
Traders and investors often consider increasing open interest and a long-short ratio above 1 when entering a long position. However, given the current market sentiment, this appears to be an ideal buying opportunity.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, XRP has broken through the strong resistance level at $0.95 and is currently heading towards the next resistance level at $1.50. Despite the significant price increase over the past 24 hours, there is a good chance that the price will see some correction before XRP reaches the next hurdle.
However, if speculations about the SEC Chairman resigning are true, we may see further gains, with XRP potentially reaching an all-time high (ATH) during this period.
As of now, market sentiment is bullish, with investors and traders appearing to have increased participation in the asset.
