XRP Price Analysis: Double-Digit Spikes Reemerge, Targeting $0.75 as the Next Resistance Level

In a discourse surrounding XRP, the analyst known as Cryptoinsightuk has shared insights that highlight the potential for a significant price movement.

.75 as the Next Resistance Level" >

A renowned crypto analyst has reignited XRP discussions, presenting a chart-based analysis that suggests the token is primed for a double-digit price surge.

According to the analysis, XRP last experienced a bottom formation when spot volume reached current levels while open interest saw a substantial decline and funding rates remained negative for an extended period.

Following this event, XRP rallied approximately 50% in a short span, potentially bringing it toward the $0.75 mark, which is the upper limit of its multi-year trading range. The analyst suggests that this upward movement could materialize if Bitcoin’s recent downward trends stabilize.

Read Also: How Much Will 5,000 SUI Tokens Be Worth by 2025? Sui Price Prediction

I'm going to reiterate what I said yesterday about $XRP.

The 12 hour chart is interesting.

The last time we saw spot volume like this, whilst seeing such a big flush in open interest and funding flirting with negative over a prolonged period, it was the bottom.

Following this,… pic.twitter.com/Ro5GxLhGJt

XRP Price Analysis

The analyst’s chart for XRP/USDT on Binance-Futures, viewed in a 12-hour timeframe, highlights several critical technical patterns aligning with the observations:

XRP is currently trading around $0.52 after a notable sell-off, having bounced 7.31% from a local bottom at $0.48, indicating buying pressure and potential for recovery.

A significant horizontal support zone has been identified between $0.48 and $0.45, previously serving as a demand zone during earlier dips. This suggests that buyers are likely to defend this area if tested again.

The recent spike in volume over the past 12 hours signals strong market participation, hinting at a possible local bottom, as indicated by Cryptoinsightuk.

Read Also: Render (RNDR) Price Gearing for Double-Digit Spike, But These Key Resistance Levels May Shorten Rally

The chart shows a sharp decline in open interest, reflecting a significant flush in leveraged positions. This scenario, described by Cryptoinsightuk as a potential capitulation, often signals a market reversal as selling pressure diminishes.

Negative funding rates observed over an extended period indicate a dominance of short positions. Historically, such prolonged negativity can lead to short squeezes, triggering sudden price surges.

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on the exclusive airdrop!

Bitcoin Price Must Stabilize First

The analysis derived from the chart and indicators aligns with Cryptoinsightuk’s insights. XRP has demonstrated resilience within the $0.48 to $0.45 support zone. Spot volume, funding rates, and open interest collectively suggest a potential bottom formation.

Should Bitcoin stabilize, XRP may follow a trajectory similar to its previous rally, targeting $0.75 as the next significant resistance level. This conclusion is reinforced by both technical analysis and historical patterns that have previously led to substantial gains in XRP’s price.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.

Get all our future calls by joining our FREE Telegram group.

We recommend eToro

The above is the detailed content of XRP Price Analysis: Double-Digit Spikes Reemerge, Targeting $0.75 as the Next Resistance Level. For more information, please follow other related articles on the PHP Chinese website!