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XRP Price Surges Amidst Growing Buying Pressure
28 Nov
Summary
- XRP price has seen a nearly 26% increase since November 21.
- Buying pressure on exchanges has surged nearly 1000% in eight days.
- Key resistance at $2.28 must be cleared for a bullish breakout.
XRP's price has experienced a significant rally, jumping almost 26% since November 21, buoyed by mounting buying pressure. Over the past eight days, exchange outflows have surged by nearly 1000%, indicating substantial accumulation by large buyers. This robust buying activity has successfully defended the critical $2.14 support level.
The cryptocurrency is currently consolidating within a falling wedge pattern, a bullish indicator often preceding upward price movements. Despite a bearish crossover of its 100-day and 200-day EMAs, XRP has remained resilient, demonstrating a lack of selling momentum. Furthermore, the On-Balance Volume (OBV) has broken above its descending trendline, signaling increasing trading volume.
To confirm a bullish breakout and potentially reverse the broader trend, XRP must achieve a clean close above the $2.28 resistance level, which has capped prices since mid-November. A successful breach of this barrier could lead to further gains, with $2.55 serving as the next significant target.
