- 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 to trade at 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 Coinglass data.
XRP price has surged over 175% in the last thirty days and it continued gaining momentum by 27.90% over the past week. The altcoin hit a weekly high of $1.60 on November 23.
On the other hand, WisdomTree, a New York-based asset management firm, has filed a 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.
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 asset reveals the 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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