One of the top performing crypto currencies, XRP, has been a long awaited currency to get a price spike on charts, and has been the attention to almost everyone the whole week.
Alongside Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and other top cryptocurrencies, XRPLedger’s native token (XRP) rose 12% on November 29. The altcoin remained stable above $1.7300.
Source: coinmarketcap.com
Between November 16 and 29, XRP traders increased their on-chain activity, and Santiment saw multiple spikes in the active addresses metric. The spikes show that activity has increased along with the volume of transactions on various exchange platforms.
XRP traders have been making money since November 4, according to the network realized profit/loss metric, which determines the net profit/loss of all tokens traded on a given day. Profit-taking by traders is indicated by positive spikes above the neutral line.
Large positive spikes are usually linked to increased selling pressure on XRP; traders should keep a close eye on this indicator for indications of a trend reversal.
Technical indicators point to the possibility of a prolonged price rally and a retest of the altcoin’s April 2021 peak of $1.9669, which would represent a 12.85% increase from the current level. If this level is broken, traders’ losses from the previous three years could be erased.
XRP is overpriced, as indicated by the relative strength index of 88. The moving average convergence divergence (MACD) indicator suggests that additional gains are likely, even though this is usually regarded as a sell signal and may portend an upcoming correction in XRP. The XRP price rally thesis is supported by green histogram bars above the neutral line.
Source: Santiment
In the imbalance zone, XRP may find support between $1.2643 and $1.4033. Before a correction occurs, the altcoin may move to this support zone. After closing the fair value gap, XRP may start to rise again, reaching its peak of $1.9669 in April 2021.
