XRP price has experienced a notable increase in the past 24 hours. The altcoin is currently hovering above $0.61, demonstrating bullish momentum. The XRP price hovered around $0.5855 during US trading hours, with a surge of approximately 5.24%.
The current market capitalization is $34 billion, ranking it at #6. The 24-hour trading volume has reached $3,397,723,706, reflecting a 2.76% increase, indicating growing investor interest and trading activity. The circulating supply of XRP is 55,805,339,473 tokens, making up 55.81% of its total supply.
XRP Price Forecast: Could the Current Bull Run Lead to Record Highs?
Looking at the weekly chart, the XRP price has seen a significant surge, climbing by 41.56% over the past seven days. The current price is making an upward trend, with a notable increase from its low of $0.5752 and reaching a high of $0.6129 within the last 24 hours.
This upward trend indicates a strong bullish sentiment in the market, with XRP showing resilience and growth. The chart illustrates a steady climb from around $0.4356 at the beginning of the week, with the most significant gains occurring around July 14th. The cryptocurrency continued to rise, hitting $0.62 at its peak.
Surge in Open Interest
XRP open interest has reached a new high for the year, according to Coinalyze data. This includes both perpetual contracts and futures, totaling $602.6 million. Perpetual contracts account for $599.6 million, with futures making up the remaining $3 million.
Binance is the top exchange for XRP open interest, with a reported $264.8 million. Following closely is Bybit, which has registered $248.1 million. WOO X holds the smallest share, with just $381,600.
The latest figures also indicate a significant concentration of ownership, with sharks and whales controlling 85% of the total XRP supply. This marks the highest ownership concentration in nearly a year.
Could a Break Past $0.65 Signal a Major Bull Run?
XRP has recently experienced a significant price increase, suggesting a potential market surge. Should this bullish momentum persist, XRP might break past the $0.62 resistance level. A consistent upward trend could push the price towards $0.70, with a possibility of reaching $1 in the next bullish cycle.
Conversely, if bearish sentiment takes over, XRP’s value could stabilize around $0.61. A further drop might decrease the price to $0.60, highlighting the unpredictable nature of the cryptocurrency market. Continued bearish pressure could push XRP below $0.59.
Technical Indicators Shows Bullish Signal
The 4-hour technical indicators for XRP show a promising upward trend. The Relative Strength Index (RSI) stands at 70, indicating that XRP is overbought territory. The Moving Average Convergence Divergence (MACD) indicator reveals bullish momentum, with the MACD line positioned above the signal line.
This crossover supports the ongoing uptrend and indicates continued positive momentum. The histogram is also in positive territory, further confirming the strength of the bullish trend. Most of the Oscillators and Moving Averages indicate a bullish trend for XRP/USD. The technical analysis metrics underpin This strong buy sentiment, which shows many buy signals.