"Whoever bought XRP when the price was low must now be happy, right?"
Unnoticed, the Ripple cryptocurrency (XRP) managed to reach the $0.61 level but the price may see a downward movement again if the digital asset is not supported by trading activity.
After XRP has tested the support zone at $0.60, the price needs to break through the resistance zone at $0.64 first to continue the rise up to $0.70 or more.
However, if XRP fails to maintain its position at $0.60, its price can slip to $0.55 or even lower at $0.54 then the digital asset may not be able to reach its desired level of $0.70.
Through observation, the funding rate for the XRP token is reported to be higher than average, therefore the rise in the price of XRP can continue if investors remain confident and continue to act on sentiment.
The positive funding rate shows that long positions dominate short positions following the funding fee received by long contracts more than short, so here it can be seen that traders will speculate about the increase in XRP prices.
However, the recently released Q3 2020 XRP Market Report shows that the trading volume remains at a low level despite the price of the digital asset climbing almost 73%.
The streak, one of the factors that can push the price of XRP soar is Ripple's victory against the Securities and Exchange Commission (SEC) including support from traders who are increasingly interested in the digital asset.
As of this writing, XRP price has jumped by 3.06% to $0.60 in the last 24 hours with a market capitalization of $32 billion and has recorded a 9.91% increase over the last week.
