CandleFocus

Chart of the week: XRP could jump another 12%, what to expect

The native token of XRPLedger, XRP, experienced a 12% increase on November 29, staying above $1.7300 and rallying alongside other major cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. The on-chain activity of XRP traders has increased, as seen from spikes in active addresses and transaction volume. XRP traders have been transacting profitably since November 4, as indicated by the network realized profit/loss metric. This metric should be closely monitored for signs of a reversal in trend. On-chain metrics, along with technical indicators, suggest a bullish outlook for the XRP price, with a potential retest of the April 2021 peak at $1.9669. XRP derivatives traders on Binance and OKX are bullish on the altcoin, and the open interest in XRP futures has surpassed $2.41 billion. The correlation between XRP and Bitcoin is high at 0.82, indicating that significant movements in Bitcoin's price could impact XRP. Other factors influencing XRP's market include the lawsuit against Ripple by the U.S. Securities and Exchange Commission and regulatory developments in the crypto industry.

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