XRP is seeing its price bounce back after a recent court victory against the United States Securities and Exchange Commission (SEC).
In the past week, Ripple has increased over 5%, with its price now around $0.60. This growth is also reflected in its market value, which has gone up by about $1 billion during this period.
See Also: Price Of XRP Drops Below $0.60
XRP Technical Analysis
Ripple is close to breaking out of its current trading range but is facing resistance, likely due to a supply zone identified on the daily chart. Important price levels to watch are $0.74 and $0.38. If XRP’S price goes above $0.74, it could start a rally, but if it drops below $0.38, the price might fall further. On a technical level, XRP’s Network Value to Transactions (NVT) ratio, which measures the network’s value against transaction volume, is at 674.69. This high ratio might mean the network is overvalued or that there isn’t enough transaction volume to support the current value, indicating a slow rise in price.
Additionally, XRP’s Open Interest, which shows the total number of unsettled derivative contracts, has dropped 9.27% in the last 24 hours, now totaling $655.35 million. This decrease, along with a 61% drop in open interest volume to $5.19 billion, suggests reduced market leverage, which could impact XRP’s price stability.
Looking at the long term, analysts have noticed similarities in the current market with those from 2017, before Ripple experienced a large price increase. It is believed that if Riple continues to face resistance at a long-standing level, it could break through and reach a price above $1 in early 2025.
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