According to CoinMarketCap, Ripple’s XRP token topped South Korea’s two major exchanges in terms of trading volume, surpassing Bitcoin. Meanwhile, according to analysts, the altcoin is moving with bullish momentum despite the drop on the daily chart.
Altcoin could target $0.50!
XRP has been trading above the bullish line for the past few days. cryptocoin.comAs you follow, the altcoin has gained close to 18% in the last week. However, on the daily chart, XRP is down about 4%. Despite the drop on the daily chart, the altcoin was moving with bullish momentum. The technical outlook of XRP also sided with the bulls as its purchasing power has recovered significantly. Demand for altcoins also recorded a positive change. As the demand increased, the savings also increased on the chart.
As XRP managed to break through several key resistance marks, buyers’ confidence also increased. According to analyst Anush Samal, XRP must stay above the immediate support level for the price to continue to strengthen. Once Bitcoin breaks the $28,500 level, other altcoins will try to break through their instant price ceilings. Currently, XRP stands at a crucial resistance point; A drop below this level could bring the bears back for a short time. The analyst continues his analysis on graphs.
XRP price analysis
The altcoin was trading at $0.44 at the time of writing. XRP broke two very important supports last week. The $0.39 level acted as a stiff resistance level that has now been translated into a support line for the altcoin. Moving from the current price level will drag XRP to $0.40 and below $0.39.
The overall price cap for the altcoin was $0.44; Breaking this level will help the altcoin reach $0.46 and eventually $0.50. The altcoin reached $0.44 in the last trading sessions, but the bulls failed to break through. XRP needs to surpass $0.44 to target $0.50 and trade above this level for many trading sessions.
The altcoin was overbought last week; however, it was not so at press time. Purchasing power remained positive though. The Relative Strength Index is just below 60, indicating that buyers are still controlling the asset. Similarly, with the increase in demand, XRP has climbed above the 20 Simple Moving Average line, which indicates that buyers are driving the price momentum in the market.
Other technical indicators also showed that the bulls had taken over the market. The Moving Average Convergence Divergence shows price momentum and trend reversals. The indicator turned positive and showed green histograms linked to buy signals for the altcoin. The Parabolic SAR shows the price direction; The indicator was positive as dotted lines formed below the candlesticks. These dotted lines indicated that the price was in an uptrend at the time of printing.
Altcoin ranks first on Korea’s major exchanges!
According to CoinMarketCap, XRP ranked top in terms of trading volume on South Korea’s two major exchanges, Upbit and Bithumb. In the last 24 hours, the total trading volume of XRP on the two platforms has reached approximately $348 million. The figure was obtained in pairs against the South Korean won. As a result, the volume of XRP traded on Upbit has surpassed the volume on Binance, the largest cryptocurrency exchange, by nearly 100 million tokens. The anomaly was also noticed by members of the XRP community, following which the price of the cryptocurrency rose 9% at one point yesterday amid a red-hot crypto market.
XRP and South Korea relationship
Obviously, both the XRP price increase and trading volume were the result of increased interest from Korean investors. However, the exact reasons for this behavior can only be guessed at. According to popular belief, Koreans saw an opportunity to profit in XRP after the price corrected after Tuesday’s surge of 26%. The enthusiasm of Korean retail investors that arose after the Aptos (APT) story was enough for XRP to outperform the rest of the crypto market.
It’s hard to see how long this anomaly will last. Again based on the APT price action in January, Korean quotes could be the beginning of the end of the mini-rally in XRP. On the one hand, a large-scale price correction may occur at any time, but on the other hand, XRP may sustain its performance for a while.
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