XRP Greed Index Soars, Backed By Robust $1.3 Billion Volume - Good For Price?

XRP Greed Index Soars, Backed By Robust $1.3 Billion Volume – Good For Price?

Time Stamp: December 6, 2023 4:40 AM

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.

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 Soars, Backed By Robust $1.3 Billion Volume - Good For Price? PlatoBlockchain Data Intelligence. Vertical Search. Ai.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 Greed Index Soars, Backed By Robust $1.3 Billion Volume - Good For Price? PlatoBlockchain Data Intelligence. Vertical Search. Ai.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.

XRP Greed Index Soars, Backed By Robust $1.3 Billion Volume - Good For Price? PlatoBlockchain Data Intelligence. Vertical Search. Ai.

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.

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.

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

Time Stamp:

More from NewsBTC