XRP price rises 1.5% with increased market activity

XRP (CRYPTO:XRP) has seen a notable price increase of 1.5% in the past 24 hours, reaching an intra-day high of $0.6328, while the broader crypto market dipped by 0.3%.

This surge comes amid rising trading activity for XRP, with its spot trading volumes exceeding $2.2 billion, a 133% rise since September 21.

Data from Coinglass shows over $1.9 million in XRP long and short positions were liquidated in the last 24 hours, with long positions making up 73% of that.

XRP's growth also outpaced Bitcoin (CRYPTO:BTC), which saw a 0.1% drop, falling below the $66,000 mark to $65,700.

Over the past three months, XRP has gained 31%, while Bitcoin saw just 5% growth.

XRP has trended higher against Bitcoin, recording a 25% increase from June 28 to September 29, signaling potential further price appreciation.

One significant factor driving XRP’s bullish momentum is a symmetrical triangle pattern observed on its monthly chart.

This formation, spanning four years, suggests a potential “explosive” breakout.

According to pseudonymous analyst Milkybull Crypto, XRP could see massive gains if it breaks above the upper trendline, potentially reaching price targets between $10 and $20.

“The amount of bearish sentiment around this asset makes it possible to pull such returns,” Milkybull Crypto stated on X.

Additionally, XRP’s 50-month exponential moving average (EMA) at $0.5743 acts as a dynamic support, strengthening the case for price growth.

Staying above this level could pave the way for XRP to reach $1 by the end of 2024, with traders monitoring the price closely for signs of further upward movement.

At the time of reporting, the XRP price was $0.6499.