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<p>In a discourse surrounding XRP, the analyst known as Cryptoinsightuk has shared insights that highlight the potential for a significant price movement. They reiterate their observations from the previous day, emphasizing the nature of<a href="https://coinmarketcap.com/currencies/xrp/" target="_blank" rel="noopener noreferrer nofollow"> the 12-hour chart for XRP. </a></p>
<p>Cryptoinsightuk notes that the last time the market experienced spot volume akin to the current levels, coupled with a considerable decline in open interest and prolonged negative funding rates, it marked a bottom for the price.</p>
<p>Following that event, <a class="wpil_keyword_link" href="https://captainaltcoin.com/ripple-xrp-price-prediction/" title="XRP" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">XRP</a> rallied approximately 50% in a short span, potentially bringing it toward the $0.75 mark, which is the upper limit of its multi-year trading range. The analyst suggests that this upward movement could materialize if Bitcoin’s recent downward trends stabilize.</p>
<p><strong><em>Read Also:<a href="https://captainaltcoin.com/how-much-will-5000-sui-tokens-be-worth-by-2025-sui-price-prediction/" target="_blank" rel="noopener noreferrer nofollow"> How Much Will 5,000 SUI Tokens Be Worth by 2025? Sui Price Prediction</a></em></strong></p>
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   <p lang="en" dir="ltr">I'm going to reiterate what I said yesterday about <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$XRP</a>.<br><br>The 12 hour chart is interesting.<br><br>The last time we saw spot volume like this, whilst seeing such a big flush in open interest and funding flirting with negative over a prolonged period, it was the bottom.<br><br>Following this,… <a href="https://t.co/Ro5GxLhGJt" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Ro5GxLhGJt</a></p>— Cryptoinsightuk (@Cryptoinsightuk) <a href="https://twitter.com/Cryptoinsightuk/status/1842102288568979739?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 4, 2024</a>
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<h2 class="wp-block-heading" id="xrp-price-analysis">XRP Price Analysis</h2>
<p>The analyst’s chart for XRP/USDT on Binance-Futures, viewed in a 12-hour timeframe, illuminates several critical technical patterns aligning with Cryptoinsightuk’s observations:</p>
<p>XRP is currently trading around $0.52 after a notable sell-off, having bounced 7.31% from a local bottom at $0.48, indicating buying pressure and potential for recovery.</p>
<p>A significant horizontal support zone has been identified between $0.48 and $0.45, previously serving as a demand zone during earlier dips. This suggests that buyers are likely to defend this area if tested again.</p>
<p>The recent spike in volume over the past 12 hours signals strong market participation, hinting at a possible local bottom, as indicated by Cryptoinsightuk.</p>
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/render-rndr-price-gearing-for-double-digit-spike-but-these-key-resistance-levels-may-shorten-rally/" target="_blank" rel="noopener noreferrer nofollow">Render (RNDR) Price Gearing for Double-Digit Spike, But These Key Resistance Levels May Shorten Rally</a></em></strong></p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="566" src="https://captainaltcoin.com/wp-content/uploads/2024/10/image-154-1024x566.png" alt="" class="wp-image-561805" srcset="https://captainaltcoin.com/wp-content/uploads/2024/10/image-154-1024x566.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-154-300x166.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-154-768x424.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-154-1536x848.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-154-2048x1131.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-154-272x150.png 272w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-154-100x55.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-154-634x350.png 634w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-154-788x435.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-154.png 679w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>The chart shows a sharp decline in <a href="https://coinmarketcap.com/academy/article/what-is-open-interest-in-crypto-trading" target="_blank" rel="noopener noreferrer nofollow">open interest,</a> reflecting a significant flush in leveraged positions. This scenario, described by Cryptoinsightuk as a potential capitulation, often signals a market reversal as selling pressure diminishes.</p>
<p>Negative funding rates observed over an extended period indicate a dominance of short positions. Historically, such prolonged negativity can lead to short squeezes, triggering sudden price surges.</p>
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<h2 class="wp-block-heading" id="bitcoin-price-must-stabilize-first">Bitcoin Price Must Stabilize First</h2>
<p>The analysis derived from the chart and indicators aligns with Cryptoinsightuk’s insights. XRP has demonstrated resilience within the $0.48 to $0.45 support zone. Spot volume, funding rates, and open interest collectively suggest a potential bottom formation.</p>
<p>Should Bitcoin stabilize, XRP may follow a trajectory similar to its previous rally, targeting $0.75 as the next significant resistance level. This conclusion is reinforced by both technical analysis and historical patterns that have previously led to substantial gains in XRP’s price.</p>
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<p>The post <a href="https://captainaltcoin.com/metrics-that-trigger-ripple-double-digit-spikes-reemerges-xrp-price-to-rally-if/" rel="noopener noreferrer nofollow">Metrics that Trigger Ripple Double-Digit Spikes Reemerges: XRP Price to Rally If…</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

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