Ripple (XRP) price could revisit $0.58 after dropping below that region three days ago. This prediction is backed by several indicators that have historically proven to be key to the token’s price movement.

Currently, XRP changes hands at $0.53, representing a 4.81% decrease within the past week. However, it could be set to erase these losses and climb higher.

High Liquidity, Higher Ripple Price

One of the indicators backing XRP’s price increase is the liquidation heatmap, which predicts price levels where large-scale liquidations are likely to occur. Beyond that, the heatmap can give traders an edge as it also helps them understand price points where there is a large pool of liquidity. 

In most cases, if there is high liquidity concentration at a point, the cryptocurrency’s price might move toward the zone. According to Coinglass, the one-week heatmap shows a high concentration of liquidity, around $0.58.

This level, which changes color from purple to yellow, indicates that traders perceive it as a range to make favorable trades. Therefore, with significant buy pressure, XRP’s price might inch closer to the territory. 

Read more: 10 Best Altcoin Exchanges In 2024

Go to Source to See Full Article
Author: Victor Olanrewaju

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details