bullish

Rally

Elon Musk

<ul class="wp-block-list">
 <li>XRP shows bullish momentum with a 30% surge in trading volume, despite a slight price dip.</li>
 <li>Elon Musk’s $25 billion bid for Ripple Labs could bring a major shift to the crypto industry.</li>
</ul>
According to <a href="https://coinmarketcap.com/currencies/xrp/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> data, XRP is trading at $0.5339 with a slight 0.97% decline. Despite the dip, the chart displays a strong uptrend, supported by a daily trendline, and XRP is nearing its volume-weighted average true range (ATR) band on the four-hour chart.
XRP’s market cap stands at $30 billion, down 1.05%, making it the seventh-largest cryptocurrency. Notably, its daily trading volume has surged by 30%, reaching $796 million in the past 24 hours, an unusual spike on a Tuesday. Typically, higher trading volumes are observed on Mondays following quieter weekends, making this increase a bullish sign for XRP’s short-term trajectory.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdpr00OqmrLK_uZRwaAWdzd_JcM8KPxBvi-wRhTVY41dDhycV35YJlZjh5UgoSOF2dnaGfL4-6MCeHRsERp5zLo1maNHitDTOTK9UwBAGKu9bBHR3eCRtEQHMiPrQsLqiRcLdq6JWQG_SwZn_WtOF3WvYFg?key=-lachG9kidgOz2tvxQbauA" alt="">
 <figcaption class="wp-element-caption">XRP Price Chart (Source – <a href="https://in.tradingview.com/chart/B6Kef6U4/?symbol=BINANCE%3AXRPUSDT" target="_blank" rel="noopener noreferrer nofollow">Trading View</a>)
 </figcaption>
 </figure>
</div>
The Relative Strength Index (RSI) is at 47.73, approaching the neutral zone. XRP’s immediate resistance levels are $0.6311 and $0.6345, with strong support at $0.4340. Of the total 100 billion XRP tokens, 56 billion are in circulation, while <a href="https://thenewscrypto.com/ripple-ceo-announces-launch-of-rlusd-in-a-few-weeks/" target="_blank" rel="noopener noreferrer nofollow">Ripple</a> Labs holds the remaining 44%.&nbsp;
A key retracement level of 0.382, calculated from the previous bull market high to the bear market low, is about 10% above current prices. XRP has historically faced resistance at this level, and if reached, a pullback could occur. The crowd’s sentiment and the market money sentiment are both <a href="https://thenewscrypto.com/is-xrp-symmetrical-triangle-signaling-a-bullish-breakout/" target="_blank" rel="noopener noreferrer nofollow">bullish</a>.
<h3 class="wp-block-heading" id="h-elon-musk-offers-to-buy-xrp-for-25b-nbsp">Elon Musk Offers to Buy XRP for $25B&nbsp;</h3>
In an unexpected development, X (formerly Twitter) CEO Elon Musk has made a $25 billion offer to <a href="https://x.com/elonmusk" target="_blank" rel="noopener noreferrer nofollow">acquire</a> Ripple Labs, the company behind XRP. Musk already holds $11.7 million in XRP, and industry experts predict that the market cap of XRP could hit $40 trillion by 2025. Despite the ongoing price dip, this acquisition could boost XRP’s market performance and significantly transform the crypto space.
Highlighted Crypto News Today: <a href="https://thenewscrypto.com/altcoins-rally-as-bitcoin-loses-market-dominance-in-q4/" target="_blank" rel="noopener noreferrer nofollow">Altcoins Rally as Bitcoin Loses Market Dominance in Q4</a>

XRP Sees Bullish Signs Amid the Price Dip

Table of Contents

TheNewsCrypto

Other articles published on Sep 11, 2024

Friend.Tech Faces Uncertain Future After Transferring Control of Smart Contracts

Investors Withdraw Record Bitcoin from Central Exchanges

Animoca Brands Japan Joins Orbs Ecosystem as Layer 3 Guardian

Vitalik Buterin Linked Wallet Sees Significant Movement Over the Last 12 Days

Prediction market interest fuels launch of PancakeSwap Telegram bot

Bitcoin Solo Miner Scores $180K Payday in Rare Block Validation Despite Minimal Hashrate Contribu...

Join our free newsletter for daily crypto updates!