Why is XRP price up today?
|XRP (XRP $0.6438) has outperformed the broader crypto market, rallying 1.5% in the past 24 hours and hitting an intra-day high of $0.6328. In comparison, the global crypto market capitalization is down by 0.3% over the same period to $2.3 trillion.
XRP/USD daily chart. Source: TradingView
Accompanying XRP’s price growth on Sept. 29 is high trading activity, which has also picked up over the last seven days. XRP’s spot trading volumes topped $2.2 billion on Sept. 28, rising by 133% since Sept. 21.
Its market capitalization has also increased to $35.4 billion, cementing its position as the seventh-largest cryptocurrency in the world.
Ultimately, after several weeks of sideways price contraction, XRP appears to be on track for a sustained recovery.
Let’s look at the factors driving the XRP price up today.
XRP outperforms Bitcoin
Data from Cointelegraph Markets Pro and TradingView reveals that XRP price rose from a low of $0.5857 on Sept. 28 to an intra-day high of $0.6328 on Sept. 29. XRP is trading at an average price of $0.6285 at press the time of publication.
As per the data from Coinglass, over $1.9 million worth of long and short bets placed on XRP’s price action have been liquidated in the last 24 hours. $1.37 million worth of liquidated bets (73%) turns out to be long positions.
XRP 24-hour liquidations. Source: Coinglass
XRP price increase comes amid a mild correction in Bitcoin (BTC $64,575.46) price. The largest cryptocurrency by market capitalization is down by less than 0.1% over the last 24 hours, sliding below the $66,000 mark to $65,700.
XRP has also outperformed Bitcoin on longer timeframes, up 31% over the last 90 days, against BTC’s 5% gains. As such, XRP has trended higher against Bitcoin over the last three months, recording 25% gains between June 28 and Sept. 29.
XRP/BTC daily chart. Source: TradingView
This is evidence of XRP’s strengthening market structure, suggesting possible price growth over the next few months.
Four-year symmetrical triangle suggests explosive XRP price growth
A large symmetrical triangle on it the monthly chart another bullish signal, which is setting up XRP for an “explosive” price growth according to pseudonymous crypto analyst Milkybull Crypto.
“The $XRP breakout of the 4-year triangle will be explosive, to be honest,” the analyst wrote in a Sept. 29 post on X.
This was in response to the Sept. 28 XRP analysis, which showed that the price was trading in a symmetrical triangle spanning four years.
If XRP breaks above the upper trendline, it could signal a broader bullish trend. The projected upside can be estimated by taking the triangle’s height at its widest point and adding that to the breakout level.
According to Milkybull Crypto, XRP’s upward breakout from the current level near $0.6153 could see massive gains to areas between $10 and $20.
The amount of bearish sentiment around this asset makes it possible to pull such returns.”XRP/USD daily chart. Source: TradingView
The 50-month EMA at $0.5743 also acts as a dynamic support. Staying above this level furthers XRP’s potential to reach $1 by the end of 2024.
Meanwhile, futures traders are doubtful of a quick rebound, with $16.76 million in short positions at risk if the price recovers to $0.65. A further 10% decline down to $0.6 would wipe out $17.75 million in long positions.
XRP exchange liquidation heatmap. Source: CoinGlass
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