🚀 XRP Approaching Major Breakout
XRP is eyeing a significant breakout that could lift its price to $1.50. Currently trading at $0.6054, XRP has risen by 5.1% in the past day. Bitcoin’s surge to $89,561 is sparking hope that XRP could also gain momentum, especially if BTC hits $90,000. XRP is now trading at $0.64 after a 19% weekly jump, with many investors targeting a return to its year-to-date high of $0.74.
⚖️ Ripple vs. SEC Case Impact
Despite the positive rally, caution lingers as an upcoming Ripple vs. SEC hearing on November 21 could affect XRP’s price. However, strong technical indicators suggest XRP might break out of its current stagnation if buying momentum holds.
📉 Lower Selling Pressure Supporting Gains
XRP's recent price increase is supported by reduced selling pressure. According to Santiment, 39 million XRP tokens have moved off exchanges, lowering supply and signaling positive sentiment. This shift to personal wallets reflects increased confidence in further price growth.
📊 Surge in Open Interest
XRP’s open interest has climbed to $989 million, rising 13% in the last 24 hours—indicating fresh capital and market optimism. A positive funding rate of 0.047% suggests traders are betting on continued gains, with liquidity supporting further upward moves.
📈 Key Levels to Watch
XRP faces strong resistance at $0.66, which it has struggled to surpass since July. A successful breakout here could propel the token to $0.74. However, if bullish momentum falters, a drop below $0.60 might delay further gains and shift market sentiment.
🔍 Outlook Remains Cautiously Bullish
Overall, XRP’s market indicators—like reduced selling pressure, increased open interest, and a positive funding rate—indicate potential for further gains. However, traders should stay alert for any downturn, especially with the ongoing legal case and critical resistance levels ahead.
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