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As XRP Pumps by 45%, Analysis Suggests Further Uptrend Depends on FOMO and Balanced Funding Rates
As XRP Pumps by 45%, Analysis Suggests Further Uptrend Depends on FOMO and Balanced Funding Rates
November 13, 2024
XRP
XRP recently surged 45%, approaching its $0.74 year-high. Analysts caution that FOMO and funding rates on major exchanges could influence further gains.
XRP has posted a massive rise this week, gaining over 23% following an explosive performance on Tuesday. The token’s recent performance contrasts sharply with last week, when broader market momentum, spurred by Donald Trump’s U.S. presidential election victory, lifted most cryptos except XRP.
However, XRP has rebounded, climbing 7.13% in the past 24 hours, drawing increased investor interest.
According to the analytics platform Santiment, XRP has witnessed a surge in social discussions. Over 4% of all crypto-related conversations now center around XRP, fueled by its 45% price breakout over an eight-day period.
XRP Uptrend Continuation Hinges Avoiding Excessive FOMO
This surge in social engagement often coincides with significant price movements, as highlighted by historical patterns.
Santiment also noted that previous spikes in XRP’s social dominance have acted as reliable indicators of market shifts. A recent spike served as a signal for a market bottom, suggesting a recovery phase, while an earlier peak aligned with a market top, resulting in a correction.
Accordingly, Santiment cautioned that XRP’s ability to surpass its March high of $0.74 would depend on maintaining balanced funding rates on major exchanges like Binance. The platform emphasized that sustained price growth hinges on avoiding excessive long positions driven by fear of missing out (FOMO).
Technical Indicators With Bullish Outlook
Meanwhile, technical analysts are also projecting a bullish outlook for XRP. Dark Defender, a prominent market observer, highlighted that the token has broken through key resistance levels and is showing strong signals across key technical metrics.
The analyst pointed out a Golden Cross on XRP’s weekly RSI, which remains above the 50% threshold. This pattern is traditionally seen as a positive signal for continued upward momentum.
Dark Defender suggested that if XRP clears its immediate resistance at $0.6649, it could set the stage for a rally toward the $1 mark.
XRP Performance Amid Election Cycle Trends
In addition, crypto analyst Mikybull Crypto shared an optimistic outlook for XRP, pointing to historical trends. Mikybull noted that XRP has often rallied following U.S. election cycles. Based on these patterns, the analyst projected a promising future for XRP.
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