CandleFocus XRP 25% Weekly Rally: Why a Local Top Could Be Near
2024-12-07
Author: Content Editor
Ripple's XRP has seen a significant increase in price, reaching a high of $2.72 in the last seven days. However, indicators such as the Network Value to Transaction (NVT) ratio and the Money Flow Index (MFI) suggest that the price may have reached a local top. The NVT ratio has risen, indicating that the cryptocurrency's market cap has grown faster than transactions on the network, suggesting a potential break in the price increase. The MFI on the daily chart also indicates that XRP may be overbought, with buying pressure declining. The chart shows lower trading volume, suggesting that another rally may not happen in the short term. If selling pressure intensifies, the price could decline to $1.85 or $1.40. However, if buying pressure increases, XRP could surpass $2.90 and reach a yearly high of $3.20.
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