XRP price climbed to $1.43 after gaining over 2%.
The market saw a $16.78 million liquidation of XRP.
The crypto market has turned bullish, with a 1.34% increase in total market cap. While Bitcoin still eyes the $100K threshold, it has plunged to $93K. Meanwhile, Ethereum is trading around the $3.4K range and drawing attention to the altcoin market.
However, Ripple’s native token, XRP has encountered a brief spike in price by 2.16%. Following Gary Gensler’s resignation, the price rallied to hit the $1.51 level and reversed the momentum. Currently, the altcoin is consolidating near the $1.40 zone.
The altcoin’s intraday high was observed at $1.40 and has continued totradeat the current levels. At the time of writing, XRP was trading at $1.43 with its daily trading volume resting at $9.18 billion. Consequently, a $16.78 million liquidation of XRP was observed in the market, as per Coinglassdata.
XRP price has surged over 175% in the last thirty days and it continued gaining momentum by 27.90% over the past week. Thealtcoinhit a weekly high of $1.60 on November 23.
On the other hand, WisdomTree, a New York-based asset management firm, hasfileda registration for an XRP ETF with the state of Delaware. This filing represents the preliminary step in the ETF launch process, preceding a formal S-1 registration with the SEC, which will initiate the official review process.
Will XRP Break Out or Pull Back?
The four-hour price chart of XRP exposed the ongoing negative sentiment. XRP’s price could likely test its immediate support around $1.36. If the selling pressure amplifies, the price might probably slip below $1.30. Further depreciation could drive the asset’s price back to its previous lows.
On the other side, if the bearish pressure wanes, the altcoin might retest the nearby resistance at $1.45. If the upside momentum persists, XRP could push the price toward the $1.50 mark to kickstart a fresh increase.
Moreover, XRP’s technical indicators disclose the Moving Average Convergence Divergence (MACD) line beneath the signal line, suggesting the downside momentum and an imminent bear run.
XRP chart (Source:TradingView)
Besides, the Chaikin Money Flow (CMF) indicator is laid at -0.12, which infers negative money flow and selling pressure and reflects more outflows. Meanwhile, the asset’s trading volume has dropped by 10.24%.
The 24-hour frame of the assetrevealsthe short-term 9-day moving average below the long-term 21-day moving average at $1.39 and $1.41, respectively. In addition, XRP is positioned in the neutral zone in the market, as the daily relative strength index (RSI) is positioned at 53.14.
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