XRP Eyes $0.60 Target as Bulls Push Daily Gain with Strong Money Flow Indicators
- XRP surges 3.5% in 24 hours, breaking above $0.52 support level
- Chaikin Money Flow reaches 0.20 while Balance of Power sits at 0.36
- Can XRP create new highs?
Ripples native token XRP demonstrates renewed market strength as price action pushes above critical support levels, accompanied by robust technical indicators suggesting sustained buyer interest.
The cryptocurrencys movement reflects broader market optimism while testing significant resistance at $0.56.
XRP technical metrics signal bullish momentum
The Chaikin Money Flow indicator reveals increasing buying pressure with a reading of 0.20, confirming genuine market demand rather than speculative movement.
This technical measure provides insights into money flow patterns, suggesting sustained accumulation rather than distribution phases dominating recent trading sessions.
Supporting this bullish narrative, the Balance of Power indicator registers 0.36, highlighting buyers current market control. This metrics positive territory reading reinforces the observed price action, indicating potential for continued upward momentum as bulls maintain their aggressive stance.
Derivatives markets echo spot trading optimism through positive funding rates, currently sitting at 0.011%. This premium in perpetual futures contracts suggests traders maintain bullish positioning, anticipating further price appreciation beyond current levels.
Market participants now focus on the crucial $0.56 resistance level, which represents a significant hurdle before potential movement toward the psychologically important $0.60 mark.
Breaking this resistance could reignite momentum last seen during early Octobers trading sessions.
The convergence of positive technical indicators, strong derivatives market sentiment, and sustained buying pressure creates a favorable environment for XRPs short-term price trajectory. However, a successful breach of current resistance levels remains crucial for maintaining bullish market structure.
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
