XRP Sees Bullish Signs Amid the Price Dip
- XRP shows bullish momentum with a 30% surge in trading volume, despite a slight price dip.
- Elon Musks $25 billion bid for Ripple Labs could bring a major shift to the crypto industry.
According to CoinMarketCap data, XRP is trading at $0.5339 with a slight 0.97% decline. Despite the dip, the chart displays a strong uptrend, supported by a daily trendline, and XRP is nearing its volume-weighted average true range (ATR) band on the four-hour chart.
XRPs market cap stands at $30 billion, down 1.05%, making it the seventh-largest cryptocurrency. Notably, its daily trading volume has surged by 30%, reaching $796 million in the past 24 hours, an unusual spike on a Tuesday. Typically, higher trading volumes are observed on Mondays following quieter weekends, making this increase a bullish sign for XRPs short-term trajectory.
The Relative Strength Index (RSI) is at 47.73, approaching the neutral zone. XRPs immediate resistance levels are $0.6311 and $0.6345, with strong support at $0.4340. Of the total 100 billion XRP tokens, 56 billion are in circulation, while Ripple Labs holds the remaining 44%.
A key retracement level of 0.382, calculated from the previous bull market high to the bear market low, is about 10% above current prices. XRP has historically faced resistance at this level, and if reached, a pullback could occur. The crowds sentiment and the market money sentiment are both bullish.
Elon Musk Offers to Buy XRP for $25B
In an unexpected development, X (formerly Twitter) CEO Elon Musk has made a $25 billion offer to acquire Ripple Labs, the company behind XRP. Musk already holds $11.7 million in XRP, and industry experts predict that the market cap of XRP could hit $40 trillion by 2025. Despite the ongoing price dip, this acquisition could boost XRPs market performance and significantly transform the crypto space.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
