The remittance-focused token is also benefiting from positive on-chain signals, including a steady increase in exchange reserves and an MVRV ratio over 56%, indicating strong profits among holders.Recent data shows that the Binance and Upbit exchange reserves for XRP have both risen since November 6. Historically, a rise in exchange reserves might signal an impending price decline, but XRP has bucked this trend, with its price rising alongside reserves. Further supporting this sentiment, the Network Realized Profit/Loss metric has remained steady at 0, suggesting holders are refraining from taking profits, while social sentiment toward XRP remains high.
On the technical side, if XRP overcomes a key resistance level at $0.6450, it could rally further to $0.7400. However, the Relative Strength Index (RSI) suggests that XRP is currently overbought, which could lead to a potential correction. A close below $0.5608 would invalidate the bullish outlook, while support is expected near the upper trendline of the descending channel.XRP has rallied 23% in the past week, breaking out from a descending channel and surpassing its 200-day Simple Moving Average (SMA), now trading near $0.6200. Investors are showing continued optimism, with on-chain metrics and exchange reserve data hinting at the potential for further upside.According to CryptoQuant, the exchange reserves of XRP on Binance and Upbit have increased since November 6, moving from 3.105 billion XRP to 3.177 billion XRP on Binance and from 6.611 billion to 6.634 billion on Upbit. Typically, an increase in exchange reserves indicates more selling pressure, but XRP has defied this trend by continuing its price climb. Meanwhile, 85% of XRP’s circulating supply is in profit, and the Market Value to Realized Value (MVRV) ratio has reached 56%, signaling growing profitability for holders. Yet, data from Santiment shows XRP's Network Realized Profit/Loss has held at 0 since November 5, suggesting holders’ confidence in further gains.Weighted Sentiment for XRP is also high, recently reaching 0.066, pointing to an influx of positive sentiment around the token. As XRP approaches a key resistance level at $0.6450, a firm break above this could pave the way for a move toward $0.7400.For now, XRP has support near the upper trendline of its descending channel, with a Relative Strength Index (RSI) indicating that it is in an overbought zone. This may prompt a correction if selling pressure increases. Should XRP close below $0.5608 on the daily chart, the current bullish momentum could be challenged.XRP has surged 23% over the past week, showing strong momentum as investors anticipate continued growth. The price increase aligns with rising XRP reserves on major exchanges, a divergence from the usual trend, as higher reserves often lead to price drops. Currently, XRP’s price is approaching $0.6200, while on-chain metrics suggest optimism for further gains.
CryptoQuant data indicates an increase in XRP reserves on Binance and Upbit since November 6, despite the 23% price surge. Additionally, the Market Value to Realized Value (MVRV) ratio has risen to 56%, while 85% of the total XRP supply is now in profit. XRP’s Network Realized Profit/Loss, however, has stayed at 0, signaling investors' tendency to hold rather than sell, suggesting faith in continued price growth.The social sentiment surrounding XRP has grown increasingly positive, as the token’s Weighted Sentiment recently reached 0.066, according to Santiment data.Price analysis shows XRP may rally further, potentially reaching $0.7400 if it can break through a resistance level around $0.6450. Having already surpassed its 200-day Simple Moving Average (SMA) and the top of a descending channel, XRP appears well-positioned to target this resistance. If XRP loses steam, support might be found at the upper trendline of the channel, while a daily close below $0.5608 would challenge the bullish outlook.
On the technical side, if XRP overcomes a key resistance level at $0.6450, it could rally further to $0.7400. However, the Relative Strength Index (RSI) suggests that XRP is currently overbought, which could lead to a potential correction. A close below $0.5608 would invalidate the bullish outlook, while support is expected near the upper trendline of the descending channel.XRP has rallied 23% in the past week, breaking out from a descending channel and surpassing its 200-day Simple Moving Average (SMA), now trading near $0.6200. Investors are showing continued optimism, with on-chain metrics and exchange reserve data hinting at the potential for further upside.According to CryptoQuant, the exchange reserves of XRP on Binance and Upbit have increased since November 6, moving from 3.105 billion XRP to 3.177 billion XRP on Binance and from 6.611 billion to 6.634 billion on Upbit. Typically, an increase in exchange reserves indicates more selling pressure, but XRP has defied this trend by continuing its price climb. Meanwhile, 85% of XRP’s circulating supply is in profit, and the Market Value to Realized Value (MVRV) ratio has reached 56%, signaling growing profitability for holders. Yet, data from Santiment shows XRP's Network Realized Profit/Loss has held at 0 since November 5, suggesting holders’ confidence in further gains.Weighted Sentiment for XRP is also high, recently reaching 0.066, pointing to an influx of positive sentiment around the token. As XRP approaches a key resistance level at $0.6450, a firm break above this could pave the way for a move toward $0.7400.For now, XRP has support near the upper trendline of its descending channel, with a Relative Strength Index (RSI) indicating that it is in an overbought zone. This may prompt a correction if selling pressure increases. Should XRP close below $0.5608 on the daily chart, the current bullish momentum could be challenged.XRP has surged 23% over the past week, showing strong momentum as investors anticipate continued growth. The price increase aligns with rising XRP reserves on major exchanges, a divergence from the usual trend, as higher reserves often lead to price drops. Currently, XRP’s price is approaching $0.6200, while on-chain metrics suggest optimism for further gains.CryptoQuant data indicates an increase in XRP reserves on Binance and Upbit since November 6, despite the 23% price surge. Additionally, the Market Value to Realized Value (MVRV) ratio has risen to 56%, while 85% of the total XRP supply is now in profit. XRP’s Network Realized Profit/Loss, however, has stayed at 0, signaling investors' tendency to hold rather than sell, suggesting faith in continued price growth.The social sentiment surrounding XRP has grown increasingly positive, as the token’s Weighted Sentiment recently reached 0.066, according to Santiment data.Price analysis shows XRP may rally further, potentially reaching $0.7400 if it can break through a resistance level around $0.6450. Having already surpassed its 200-day Simple Moving Average (SMA) and the top of a descending channel, XRP appears well-positioned to target this resistance. If XRP loses steam, support might be found at the upper trendline of the channel, while a daily close below $0.5608 would challenge the bullish outlook.
