- Home
- /XRP Soars 182% in a Month: Will the Bull Run Continue?
XRP Soars 182% in a Month: Will the Bull Run Continue?
XRP jumps 182% in a month, reaching $2.65. Market cap hits $150B. Strong RSI, MACD signals bullish momentum, while options trading rises.
Author by
Victor Muriki
XRP has emerged as a key driver in the ongoing recovery of the crypto market, which recently saw a significant surge.
This momentum has lifted the global crypto market capitalization above $3.6 trillion, marking a 3.5% increase over the past 24 hours. Among the top-ranked digital assets, XRP stands out with impressive price gains, maintaining its bullish trend into the new month and pushing the asset to new multi-year highs.
XRP’s Market Performance
XRP has been a major outperformer, with its price reaching $2.65 at press time, representing a daily gain higher than most of the top 10 cryptos by market capitalization. This strong price movement has led to an 89% increase in inflows, bringing the total market valuation of XRP to $150 billion.
Despite a dip in daily trading volume, XRP’s performance signals continued buying interest and potential for further gains in the near term. On the weekly chart, XRP has posted a 33% gain, marking a strong recovery from previous losses.
Over the past month, the asset has gained a remarkable 182%, igniting optimism across analysts. The consistent price increases have spurred a renewed interest in XRP, with expectations of further positive momentum if the market sustains its current trajectory. As XRP’s bullish movement persists, it stands as a key indicator for broader crypto market sentiment.
Technical Indicators Show Strength
The Relative Strength Index (RSI) for XRP currently stands at 87.28, well above the overbought threshold of 70. This indicates exceptionally strong bullish momentum, but also suggests the asset may be overbought.
As a result, the market could face a pullback or enter a period of consolidation unless buying pressure intensifies. The RSI has been steadily rising since early November, further underscoring the current strength of the bullish trend.
Source: TradingView
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator shows a positive outlook for XRP. The MACD line, at 0.4526, remains above the signal line of 0.3345, confirming strong buying activity.
The histogram is expanding, further solidifying the uptrend. However, any contraction in the histogram may suggest a weakening of this bullish trend, potentially signaling a shift in market dynamics.
XRP Derivatives Market Activity Shows Mixed Sentiment
XRP’s derivatives market activity paints an interesting picture, with a mix of decreased volume and growing interest in options contracts. Total trading volume for XRP derivatives stands at $55.54 billion, marking a 7.22% drop.
In contrast, open interest has also decreased by 8.82%, indicating a reduction in the number of outstanding derivative contracts. This decline could reflect a dip in the overall interest in XRP derivatives.
However, there is a notable uptick in XRP options trading, with a 17.41% increase in volume. Open interest in options has risen by 16.20%, which may suggest that traders are positioning for future price movements through strategic hedging or speculation.
Furthermore, the long/short ratio on exchanges like Binance and OKX indicates a generally balanced but slightly bullish sentiment among traders, with some exchanges showing a tilt towards long positions. This mixed sentiment is evident in recent liquidation data, where shorts are facing greater liquidation pressures, especially over longer time frames.
Victor Muriki is an esteemed writer focused on cryptocurrency and finance, holding a Bachelor's in Actuarial Science. Known for his sharp analysis and insightful content, he has a strong command of English and is skilled at conducting in-depth research and ensuring timely delivery.
Read more about Victor MurikiRelated Posts
AVAX Hits $53: Will It Break $54.23 Resistance or Pull Back?
Victor Muriki
Editor
Bitcoin Struggles at $96K: Is a Price Correction Coming Soon?
Victor Muriki
Editor
Tron (TRX) Price Prediction Dec. 4: Justin Sun’s $30M Trump Crypto Bet Sends TRX to New All-Time Highs! Is TRX a Good Catch Today?
Ayanfe Fakunle
Editor