XRP Greed Index Soars, Backed By Robust $1.3 Billion Volume – Good For Price?
06 Dezembro 2023 - 6:40AM
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The price of XRP, the native token of the Ripple payment network,
increased by 4% to $0.639999 over the course of the previous day.
This occurred on a day when rising optimism caused the
cryptocurrency market as a whole to rise by 5%. XRP has increased
by 4% over the past month and by 1.5% in only one week. It is
currently the fifth-largest token by market capitalization, having
increased by a remarkable 80% since the start of the year. This
demonstrates how, in the cryptocurrency world, XRP is moving to its
own rhythm. Related Reading: Bitcoin Bulldozes Past $44,000 – Is
$45K Next This Week? XRP Shows Renewed Vigor Thanks to the general
surge in the cryptocurrency market, the token has emerged from a
protracted hibernation with encouraging indicators. Even while it
hasn’t fully restored to its former splendor, the remnants of its
strength are beginning to flare once more. In the upcoming days,
analysts project another 15% increase, bringing its value to $0.72.
Technical indicators show cautious optimism, scoring 72 for “Greed”
and neutral positive mood. XRP Greed Index at 72. Source: Coincodex
When a cryptocurrency’s index is labeled “Greed,” it indicates a
positive market sentiment where investors are optimistic and more
willing to take risks. This sentiment is measured on a scale
ranging from extreme fear to extreme greed, with a “Greed” leaning
suggesting heightened confidence and positive expectations among
market participants. A surge in buying demand might push XRP’s
price higher and into the $0.65–$0.71 supply zone. Confirmation of
the continuation of the intermediate trend would require a break
and close above this order block’s midline, at $0.68. The price of
XRP might then aim for the psychological level of $0.8000 if this
order block were to flip into support. XRP market cap currently at
$34.12 billion on the daily chart: TradingView.com With the
approval of the Bitcoin ETF and probable rate cuts bringing about a
potential full-fledged bull market next year, it is feasible that
the market-wide surge of today marks the beginning of an
end-of-year rally. If this is the case, Ripple’s recent wins over
the SEC and the company’s recent expansion should assist XRP
immensely. While XRP’s 24-hour trading volume has surpassed $1.3
billion, the altcoin’s support level is still rising gradually.
This indicates that during that period, a sizable sum of XRP was
bought and traded. Source: Changelly XRP’s Momentum: Rising
Support, Increased Trading Signal Growth Positive sentiment is
often associated with rising support levels since they show that
more traders and investors are prepared to purchase XRP at higher
prices, and bigger trading volumes signify more activity and
liquidity in the market. This is still far below the $3
billion-plus levels observed at the beginning of November, but
being a significant increase over the levels seen in September and
early October. Put differently, there is ample opportunity for
XRP’s current surge to continue and perhaps even pick up more
momentum. #XRP – Last time MACD crossed 0 level, $XRP went
PARABOLIC! Haven’t confirmed above, but we are getting VERY CLOSE…
Glad we bought low using a calculated strategy! We will sell the
top too using same strategy! No emotions! Retweet/Like for
updates!https://t.co/FNuFN39RjM — JD 🇵🇭 (@jaydee_757) December 1,
2023 Meanwhile, in a post on his X platform, cryptocurrency expert
JD stated that the MACD (Moving Average Convergence Divergence) was
the catalyst for the market’s explosive rise. As JD noted, the
“parabolic” spike in XRP occurred at the same moment that the MACD
last moved above zero. Although it hasn’t happened this time, he
says the market is quickly getting close to that point. Related
Reading: PEPE Inks 46% Weekly Gain – Can It Leap To The $1 Jackpot?
The big trading activity shows that a lot of people are involved in
XRP, making it important in the crypto world. As the coin’s Greed
index goes up, everyone is excited to see what happens next with
XRP, as it sits on the edge of market changes driven by feelings
and lots of trading. (This site’s content should not be construed
as investment advice. Investing involves risk. When you invest,
your capital is subject to risk). Featured image from Shutterstock
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