XRP, Will it Break Through the $1.50 Barrier Held for 230 Days... Targeting $1.80

▲ XRP/ChatGPT generated image

XRP is once again knocking on the key resistance level of $1.50, which has held it back for approximately 230 days. It is predicted that if this level is broken and converted into a support line, it could trigger a strong additional rally, soaring above $1.80.

According to U.Today on September 21 (local time), virtual asset trader Dom analyzed that XRP has approached the $1.50 watershed after confirming the 3-month and 6-month rolling volume-weighted average prices (rVWAP) as support lines. Dom emphasized, "The most important task right now is to completely change $1.50 from a resistance level to a support level. If this level solidifies as support, it will open the door for an unrestricted ascent above $1.80."

On the daily chart, the area around $1.50 represents a technically significant selling pressure zone. XRP has repeatedly faced strong selling pressure in the $1.48-$1.55 range since February, causing its upward momentum to falter. Analysis suggests that a sustained upward trend reversal can only be confirmed by overcoming this strong resistance wall, which has lasted for over 230 days.

Betting in the derivatives market is also heating up. According to CoinGlass data, XRP futures open interest reached approximately $3.18 billion. The 24-hour futures trading volume recorded $3.9 billion, overwhelming the spot trading volume of approximately $717 million by more than five times. Open interest is rapidly increasing across major virtual asset exchanges.

Investor sentiment also shows a clear long (buy) dominance. Binance's XRP long/short account ratio recorded 2.16. In particular, the long/short ratio for top trader accounts surged to 2.59, indicating that smart money is betting on further upside.

Leverage betting in the futures market and buy positions from top traders are strongly pushing for a breakthrough of $1.50. Market attention is focused on whether XRP can pierce the $1.50 resistance line, which has been blocked for 230 days, and directly head towards the $1.80 mark.

[Key Article Summary]

-XRP is testing a breakthrough of the key resistance level of $1.50, which has limited its upside for approximately 230 days.

-Experts predict that if $1.50 is converted into a support line, a strong rally soaring above $1.80 will open up.

-Futures open interest surged to $3.18 billion, while Binance's top trader long ratio reached 2.59.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*