Will XRP Crypto Break Above Recent Swing Highs and Hit New Highs?

• The XRP crypto has been trading in a small range for the last few days.
• XRP uses the RCM consensus mechanism and it was launched in September 2012.

XRP is a cryptocurrency that claims to be fast, green, and practical. It was created by OpenCoin, later Ripple, and some influential crypto figures. Ripple uses XRP for its RippleNet service, which connects global financial institutions and enables low-cost cross-border payments.

The total supply of the crypto is 99.987 Billion XRP while the max supply is 100.0 Billion XRP. Also the crypto has a  fully diluted market cap of  $53.365 Billion while the spot market cap of the crypto is $29.025 Billion.

The current market cap dominance of the XRP crypto is 1.73% which makes it the 6th largest cryptocurrency in the global cryptocurrency market. The trading volume of the crypto has increased by 29.4% in the last 24 hours.

The volume/market cap ratio of the crypto is 3.13% and it has a circulating supply which is 54.37% of the max supply. The supply inflation of XRP is 8.19% which is considered high and the volatility of the crypto is also high at 5.63%.

XRP Crypto Derivatives Analysis

The open interest of the XRP crypto has increased by 2.18% in the last 24 hours along with an increase of 15.02% in the options open interest. The options volume has declined by 46.5%.

The long/short ratio for the crypto is 0.972 in the last 24 hours and the recorded short liquidation for the crypto is $740.72K. On the other hand, the long liquidation for the crypto is $130.17K.

XRP Crypto Technical Analysis

Relying on the dynamic trendline, the XRP crypto price is slowly rising to higher levels. Despite this, there is a strong resistance at the level of $0.9500 and if the price of the crypto breaks above this level, we might witness further increases in the price. 

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XRP/USD Chart by TradingView

The MACD on the daily chart has declined below the zero level and the MACD and the signal lines are forming a bullish cross. This shows the possibility of further increases in the price. 

The RSI has declined below the 50-level but it is situated above the 14-day SMA line. If the RSI further rebounds above the 50 level, the price of the crypto might continue to rise to higher levels. 

The EMAs are reflecting a death cross of the 50-day and the 200-day EMAs and the price of the crypto has declined below the crucial EMAs, indicating bearishness on the smaller time frame. 

Summary

XRP is a pre-mined cryptocurrency that faces legal issues and high inflation. It has failed to break above a key resistance level and shows signs of weakness on the charts. The derivatives market also indicates more selling pressure compared to buying demand. 

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.