Recently, XRP has gone wild on the cryptocurrency market, creating a frenzy in its community with expectation. Cryptocurrencies-related topics on social media are now including the token in more than 4% of all cases. Currently standing at position seven market capitalization, XRP regains limelight one of the top performing altcoins after its sharp 45% price rise within eight days, where interest has multiplied in the community.
🥳 The XRP community has erupted with excitement and discussions related to crypto’s #7 market cap. Over 4% of all coin discussions are related to XRP following a +45% breakout over an 8-day span.
Surpassing $0.74, its year-high back in March, will largely depend on FOMO staying… pic.twitter.com/IubbdmJY8n
— Santiment (@santimentfeed) November 13, 2024
The most recent rally has brought XRP to price near the important resistance level of $0.70. A much more important turning point that many investors will watch is the $0.74 level, which last touched its annual high in March. This level being reached and possibly broken through would be strong bullish momentum and would likely invite further interest and buying pressure — if FOMO can be kept in check. Funding rates on significant exchanges like Binance are something to keep an eye on.
A correction might be in the offing if markets become too leveraged and start to tilt too much to the long position side. XRP has recently displayed fantastic strength in its chart movements as it broke above several moving averages that have now been given way to support this price movement. Notably, the 50-day and 100-day moving averages provide great supports between $0.55 and $0.57.
If XRP can stay above these levels, it might continue and consolidate into its upward trend, which would be critical enough to sustain the bullish sentiment.
The $0.74 is an important level to watch for breaking. If XRP does break up and the price holds, there could be even further room to continue breaking up, and perhaps another level at $0.80- the strong psychological mark that can impact XRP price prediction.
This may, however, attract some investors to close positions or take some profits if the price falls below $0.57. The next few days were going to be very important for XRP, as the prolonged community interest and a stable funding rate on Binance is in place. It would either be an event that has more substance to it or a short-term pullback to upcoming events by watching the community sentiment and looking at the big exchanges’ funding dynamics.
