If XRP closes the daily candlestick above the $0.558 level, it could surge 17% and reach the $0.65 level. These on-chain indicators combined with technical analysis make it appear that the bulls are in control of the asset.
As bullish market sentiment continues across the crypto industry, XRP has finally emerged from an extended period of decline, hinting at a potential upside.
Whale adds 52 million XRP tokens
Blockchain-based transaction tracking company Whale Alert posted on X (formerly Twitter) that a crypto whale withdrew 52 million XRP tokens worth $28.67 million from South Korean cryptocurrency exchange Bybit.
Despite the market rally, XRP has lagged behind the rally so far, but on-chain metrics are showing a change.
Source: X
XRP technical analysis and key levels
According to AMBCrypto technical analysis, XRP has broken out of the 3-week consolidation zone and 200-day exponential moving average (EMA) and looks bullish.
Despite this bullish outlook, it remains uncertain whether the asset will rise until XRP closes its daily candle or if the consolidation will continue.
Source: TradingView
Based on recent price movements and historical momentum, if XRP closes the daily candlestick above $0.558, the asset is likely to surge 17% to reach the $0.65 level within days .
Bullish on-chain indicators
According to on-chain analytics firm Coinglass, at the time of writing, XRP’s large-scale liquidation levels range from a low of $0.537 to a high of $0.57, at which traders are overleveraged.
Source: Coinglass
If the market remains bullish and the price rises to $0.57, approximately $5.88 million worth of short positions will be liquidated.
Conversely, if sentiment changes and the price drops to the $0.537 level, approximately $13.3 million worth of long positions would be liquidated.
Currently, XRP open interest is up 2.5% over the past 24 hours, suggesting increased trader interest following the breakout. In fact, this appears to be a bullish sign for XRP holders.
Meanwhile, at the time of writing, XRP’s long/short ratio is 0.98, suggesting low interest from traders.
Combining these on-chain indicators with technical analysis, it appears that the bulls are currently in control of this asset, although it remains relatively weak.
However, the overall sentiment towards XRP is currently bullish.
Read XRP 2024-2025 price prediction
Current price momentum
At the time of writing, XRP was trading around $0.5532 after increasing its price by more than 2.35% in the past 24 hours.
Over the same period, its trading volume has surged 115%, indicating heavy participation from traders and investors, likely due to the recent breakout.
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