XRP Bulls Gather Momentum: Surges Over 18% This Week!

• XRP surged over 18% this week despite market fluctuations.
• The cryptocurrency retained the 20-day EMA mark after re-entering the no-trade zone, showing resilience.
• XRP’s price volatility spiked, while development activity saw a minimal decline, suggesting bullish sentiment and potential for further gains.

XRP experienced a notable surge this week, witnessing an increase of over 18% amidst market fluctuations. 

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One significant aspect of XRP’s recent price action is its re-entry into the no-trade zone, accompanied by a retention of the 20-day EMA mark. This movement has prompted a pullback in the last trading sessions, with the cryptocurrency retesting the range bottom around the $0.4000 mark before bouncing back. Despite experiencing a correction of over 17%, XRP has displayed resilience, demonstrating a retracement on the charts.

At present, the XRP is trading at $0.5482, reflecting a rebound with an intraday gain of 2.78%. Analysts have taken a neutral stance, suggesting that XRP may continue its rebound and potentially outperform in subsequent sessions.

Analyzing XRP’s price volume profile on the daily chart reveals a minimal correction of over 20%, yet the cryptocurrency has managed to maintain gains and settle around the 20-day EMA support zone. Intraday trading volume has seen a significant increase, jumping over 52.29% to $1.98 Billion.

Moreover, metrics such as price volatility and weighted sentiment have shown positive signs, with a spike in the price volatility curve and a weighted sentiment staying above the midline. Despite a minimal decline in development activity, derivative data suggests a long buildup, with open interest spiking over 7.79% in the last 24 hours. XRP’s price trades near its 38.2% resistance zone, rebounding from the lower Bollinger band support zone, while the RSI curve has rebounded from oversold levels, signaling a positive trend.

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