CandleFocus Has XRP Price Hit Oversold With 113% Weekly Surge? - CryptoNewsZ
2024-12-03
Author: Content Editor
The cryptocurrency XRP, which is associated with Ripple, has experienced a significant surge in price, rallying 118% to reach $2.785 from its previous support level of $1.28. This rally has been supported by factors such as the ETF Fillion, accumulation by large holders, and increased trading volume. XRP's market cap has now surpassed stablecoin Tether and its 24-hour volume has jumped by 383%. The price surge has been driven by broader market growth, the outcome of the U.S. section result, rumors of the SEC dropping the lawsuit against Ripple, and buzz surrounding ETFs. Technical analysis indicates a potential for further growth, with a rounding bottom pattern suggesting a potential push to $3.62 and a potential growth of 38.2%. However, the daily chart shows that the momentum indicator is in the overbought region, indicating a possible temporary pullback. Whale activity in XRP has increased, with significant acquisitions of 160 million XRP tokens, suggesting confidence and accumulation among large holders. Overall, while there may be a temporary pullback, the potential for a prolonged uptrend in XRP remains.
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