Posted: November 23, 2024

• XRP recently broke past the $1.40 mark, a level it hasn’t reached in over three years.
• Market indicators and metrics remain predominantly bullish, although the potential for a short-term pullback cannot be ruled out.

Over the last month, XRP has experienced explosive growth, surging by 165%. This momentum continues, with the token gaining an additional 24% in the past 24 hours. If the upward trend persists, XRP could soon surpass its all-time high.

To explore the token’s next potential move, AMBCrypto analyzed key market metrics and trends.

XRP closing in on all-time record

XRP has reached $1.4332 at the time of writing, a level not seen since September, 2021, reflecting renewed interest and strong market demand.

The token is now just $0.5337 shy of its all-time high of $1.9669. If the current buying momentum continues, XRP could soon break past this record.

However, a slowdown in momentum could trigger a pullback to a key support level at 0.9361, as identified on the chart.

Market metrics remain overwhelmingly bullish, which signals a strong probability of XRP pushing toward its all-time high in the near future.

XRP open interest hits all-time high

The Ripple token’s Open Interest has reached a record-breaking $2.47 billion, marking its highest level since inception, according to Coinglass. This milestone follows a 32.41% surge in Open Interest over the past 24 hours, reflecting heightened market activity and demand.

Open Interest, which measures the number of unsettled derivative contracts on an asset, is a key indicator of market sentiment. In this case, the soaring levels of XRP Open Interest signal strong bullish momentum.

The surge is further reinforced by a wave of short liquidations. Over the last 24 hours, short positions worth $14.51 million were forcefully closed outpacing long liquidations.

This liquidation cascade was likely driven by a sharp 177.99% increase in trading volume, which now stands at $21.59 billion.

While market sentiment remains overwhelmingly bullish, resistance is surfacing as some traders lock in profits, creating temporary hurdles for XRP’s continued ascent.

Rally pauses as profit-taking increases

XRP has experienced a notable inflow into cryptocurrency exchanges, with Coinglass Exchange Netflow reporting a net positive of $23.72 million.

Realistic or not, here’s XRP market cap in BTC’s terms

This movement suggests that market participants — spot traders — are transferring XRP to exchanges to take profits. Such activity often signals a short-term pause in bullish momentum.

However, if the sell-off remains temporary, XRP could resume its upward trajectory, positioning itself to break past its all-time high.