XRP (XRP) Price Analysis & News Today – March 10, 2023

The XRP coin was the seventh largest cryptocurrency in the global crypto market at press time. It represents a solid market presence with a market cap

The XRP coin had a circulating supply of 55.805B XRP, out of a maximum supply of 100.0B XRP. At the time of writing, the price of XRP was $0.611, which resulted in a fully diluted market cap of $61.892B.

Price Overview Chart of XRP | Source: CoinMarketCap

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The XRP coin was ranked seventh among the world’s cryptocurrencies by market cap at press time. It had a market cap dominance of 1.42% and a market cap of $34.12B.

According to analysts, the sentiment for the XRP crypto was bullish. The Fear and Greed index for XRP was at 69, indicating greed among traders and investors. The coin also showed high price volatility at 6.72%.

The coin’s volume/market cap ratio was 10.02%, indicating high liquidity. Furthermore, a significant increase of 44% was recorded in the coin’s traded volume.

Additionally, the value of the traded volume for the coin in the last 24 hours was $3.452B at press time. Throughout the same period, the coin also showed a strong demand, as indicated by a 12.9% increase in its market cap.

XRP Coin Derivatives Data Analysis

The open interest of the XRP coin increased by 26% in the last 24 hours, followed by the open interest of the options, which also increased by 15%. Also, the value of the options open interest of the coin was $290.99K.

XRP Crypto Derivatives Open Interest Chart | Source: Coinglass

The derivatives trading volume of the coin increased by 56% to $5.41B. Despite this, the options volume of the coin decreased by 46.5%.

Moreover, higher short liquidations were recorded in crypto over the last 24 hours, with a value of $3.77M. Also, the longs liquidated for the coin were worth $971.58K. This indicated the dominance of buyers in the XRP coin price.

XRP Coin Technical Analysis

The XRP coin’s price declined below the long-term consolidation, indicating a strong bearish trend.

XRP Coin Daily Price Chart | Source: TradingView

However, the price rebounded to higher levels after declining below the consolidation.

A dynamic trendline was also formed on the higher side, which was broken out with strong bullish candles. This showed that the bullish sentiment of the investors and traders dominated the price.

XRP/USD Chart by TradingView

The XRP crypto price broke above the 200-day EMA, while the 50-day EMA traded below the 200-day EMA. As the momentum of the coin price was strong, if the price continued rising, we might see a golden crossover in the future.

The MACD and the signal line crossed over in a golden crossover and moved in a bullish trajectory. The histograms also supported a bullish momentum, as indicated by the rising height of the histogram.

The RSI broke above the 50 level and moved into the overbought zone. It also crossed the 14-day SMA, and the price remained above that.

XRP Price Broke Above the 200-day EMA

XRP displayed solid bullish momentum with a 12.9% market cap increase and high liquidity.

It rebounded from a bearish trend, breaking above the 200-day EMA.

Bullish indicators include a potential golden crossover, positive MACD, and the RSI in the overbought zone, suggesting continued upward movement toward $1.

The support levels for the XRP coin at the time of writing were $0.3820 and $0.510, followed by the resistance levels of $0.730 and $0.850.

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

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