XRP surges 5%, offers short-term bullish bias: Check forecast

The crypto market has turned things around following a poor start to the week. Bitcoin rallied to the $119k mark, while altcoins recorded excellent gains over the last 24 hours. XRP added 5% to its value during that period and could target new highs once it surpasses the resistance point. SBI launches an XRP lending program XRP, the native coin of the Ripple blockchain, added 5% to its value in the last 24 hours and is now trading at $2.97 per coin. The positive performance comes amid a broader market recovery following a poor start to the week. Furthermore, Japan-based SBI has launched an XRP lending program for institutional payments, making the cryptocurrency available to financial institutions in Japan. The US SEC is also expected to make a decision on seven spot XRP ETF filings starting October 18. Approvals from the SEC could push XRP’s price to a new all-time high in the coming weeks. Institutional interest in XRP is slowly increasing. Data obtained from CryptoQuant revealed that XRP futures traders are increasing their long positions. The Open Interest (OI)-Weighted Funding Rate now stands at 0.0099%, up from 0.0011% last Friday. OI-Weighted Funding Rate calculates the weighted average of funding rates across multiple crypto exchanges. High positive rates indicate that traders are opening long positions aggressively. Currently, the XRP OI-Weighted Funding Rate is within a healthy band, with more traders expected to increase their exposure as they anticipate a breakout above the $3.0 psychological level. Additionally, Binance activity suggests that investors have slowed XRP transfers to the cryptocurrency exchange. CryptoQuant revealed that the XRP balance on Binance currently stands at 3.57 billion tokens, a stable figure after a significant surge from 2.92 billion XRP on August 31. XRP looks to break out above $3.0 The XRP/USD 4-hour chart has gained momentum over the last few days and could be gearing up for a massive breakout. The pair remains bearish and efficient on the 4-hour chart, but the technical indicators are currently bullish. The rally over the last 24 hours allowed XRP to break above the 200-period Exponential Moving Average (EMA) at $2.91, the 100-period EMA at $2.88, and the 50-period EMA at $2.86. The RSI of 64 is above the neutral 50, showing remarkable recovery from the oversold levels recorded last week. The strong RSI shows a buying pressure for XRP at the moment. Furthermore, the Moving Average Convergence Divergence (MACD) has flashed a buy signal on the 4-hour chart after the lines crossed into the positive region. Currently, XRP has yet to take out the $3.03 resistance level. Surpassing this resistance level could allow XRP to rally towards its July high of $3.66. Its all-time high of $3.84 remains a medium-term target for the cryptocurrency. However, failure to take the $3.0 resistance level would see XRP drop lower and retest the recent low of $2.80. The post XRP surges 5%, offers short-term bullish bias: Check forecast appeared first on Invezz