The value of XRP rose by more than 11%, trading at around $3.31 USD.

Trading volume jumped by more than 167%.

The cryptocurrency market recorded a sharp rise exceeding 3.11%, bringing its total market value to $3.86 trillion. In a neutral market atmosphere, most assets are showing green, attempting to break through and reach new all-time highs. It is noted that Bitcoin (BTC) is trading at $116.6 thousand, while Ethereum (ETH) hovers around the $3.9 thousand level.

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Despite the upward pressure, Ripple (XRP) showed a notable upward movement after rising by more than 11.22%. In the early trading hours, the asset hovered at its lowest level of $2.99. With this rise, the price increased to $3.38, breaking through the main resistance range between $3.04 and $3.33 #بيتكوين_للجميع $SOL

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CMC data showed that Ripple (XRP) is trading at $3.31, with a market value of $196.75 billion. Meanwhile, the daily trading volume increased by more than 167%, reaching $11.29 billion. The market also saw a liquidation of $26.92 million of XRP over 24 hours, according to Coinglass.

Is XRP ready to ride the bullish wave?

The four-hour technical analysis for XRP reveals a convergence and divergence moving average (MACD) crossover with the signal line, both above the zero line. This crossover indicates strong bullish momentum that may continue. Furthermore, the Chaikin Money Flow (CMF) value at 0.36 is positive, indicating that buying pressure dominates the market. It likely also indicates capital flowing into the asset – a bullish signal.

XRP chart (Source: TradingView)

With positive expectations, the price may rise and test the nearest critical resistance level at $3.37. If the active upward correction continues, it may trigger the emergence of a golden cross for XRP, breaking through the next resistance level at $3.43.

Conversely, assuming the bullish pressure on XRP fades, the price may slip towards the $3.25 level. The extended downward correction may lead to the formation of a death cross. This downward decline is likely to bring the asset back to its previous low of around $3.19 or lower.

Furthermore, the asset is in an overbought stage in the market, with the daily Relative Strength Index (RSI) settling at 70.86. This also indicates the possibility of a pullback or consolidation if buying momentum begins to fade. The Bull Bear Power (BBP) reading for XRP at 0.4316 indicates that bulls are currently outperforming bears, driving the price up.