XRP Surges Above Key Moving Averages Amid Strong Buying Momentum

The cryptocurrency market has seen significant activity in recent days, with XRP being one of the standout performers. The price of XRP has surged above key moving averages, driven by strong buying momentum and heavy short liquidations.

According to Coinglass data, XRP liquidations totaled $6,245,064 over the past 24 hours, with $4,439,249 tied to short positions and $1,805,814 to longs. This indicates that the majority of forced closures were bearish bets.

The technical indicators are also pointing towards a bullish trend. The Relative Strength Index (RSI) stands at 78.18, firmly in overbought territory, reflecting aggressive buying pressure. The Moving Average Convergence Divergence (MACD) shows expanding bullish momentum, with the MACD line above the signal line.

However, with the RSI elevated and price stretched above the upper Bollinger Band, a period of consolidation or pullback toward the $1.40 area would not be unusual before the next directional move develops.