XRP Advocate Predicts Breakout, Token Shows Bullish Signals

• Dark Defender predicts a breakout for XRP as the token approaches key resistance levels and bullish momentum builds.
• XRP trading volume surged by 21%, while long positions outnumber shorts, signaling strong market optimism despite volatility.
• XRP’s price forecast for December 2024 shows steady growth, with experts predicting a maximum price of $0.608 and a low of $0.546.

Dark Defender, an XRP advocate, expressed confidence in the token’s future, stating that a breakout is imminent and urged the XRP community to prepare.

This message resonated with supporters as XRP trades at $0.585988 , reflecting a 0.64% increase in the past 24 hours. Its market cap is $33.11 billion, with a trading volume exceeding $1.21 billion over the same period.

XRP Nears Key Resistance Level

XRP’s weekly chart shows the token approaching a vital resistance level marked by an orange trendline. Although it’s currently under the Ichimoku cloud, which generally signals a bearish trend, the chart suggests a potential breakout. The price has been consolidating near the 23.60% Fibonacci retracement level, increasing anticipation.

Also, the Relative Strength Index (RSI) indicates extreme bullish momentum. Traders should watch for increased upward pressure as XRP approaches the 70.20% Fibonacci retracement level of $0.6649.

XRP Derivatives Data reflect Increased Activity

XRP derivatives data highlights increased trading activity as trading volume jumped 21.02%, reaching $993.76 million, while open interest climbed 2.55% to $749.11 million. However, options trading interest dropped, with volume down by 75.63%. Despite this, long positions continue to outweigh shorts across multiple metrics, showcasing a bullish market sentiment.

Read also: Is XRP Poised for a Breakout? Whales and Market Data Say Yes

Subsequently, the 24-hour Long/Short ratio stands at 0.9837, with Binance showing over double the number of long positions. However, liquidation data reveals market volatility, with long traders facing substantial liquidations. In the last 12 and 24 hours, liquidations amounted to $125,130 and $171,160, respectively.

While the market leans bullish, the considerable long liquidations highlight the vulnerability to sudden price swings.

XRP Price Forecast for December 2024

Changellyblog experts have analyzed XRP’s potential performance in 2024. By December, they expect the maximum price to hit $0.608, with a possible low of $0.546. The average price forecast for the month is $0.577. These projections show cautious optimism for XRP’s future, signaling a steady growth pattern despite current market conditions.

XRP’s breakout potential looks promising as multiple indicators align. However, market volatility remains, and traders should stay cautious. With the token’s strong support from its community and growing derivatives activity, XRP might be primed for a big move in the coming days.