Ripple Labs-backed XRP has grown to a respectable utility-based digital asset with a vibrant ecosystem. Listed on almost every top-rated cryptocurrency exchange and decentralized financial platforms, XRP has remained among the top ten most valuable crypto assets by market capitalization.
According to the latest market data, XRP had a fully diluted valuation of about $58 billion and an average daily trading volume of around $900 million, thus a volume-to-market cap ratio of 2.81 percent, which suggests healthy liquidity.
What Next for XRP Price Action
According to a popular digital asset analyst alias Crypto Rover on several social media platforms, XRP price is fast approaching its macro apex, which will yield an imminent bullish breakout. The crypto analyst expects XRP bulls to take control in the next two months. Moreover, the support level of around 54 cents has provided a solid psychological boost to XRP buyers.
Since hitting the crypto bear market bottom of around 30 cents in June 2022, XRP price has been on a gradually rising trend. Furthermore, XRP price has been forming higher highs and higher lows on the daily and weekly time frames, which is a characteristic of a rising channel. As a result, XRP price must rally 75 cents in the near term to uphold the macro bullish outlook.
Meanwhile, if the XRP price consistently closes below the support/resistance level of around 54 cents, further capitulation can be expected in the near term, with the next major support level around 45 cents.
Altseason Narrative
The XRP bullish narrative is bolstered by the rising speculation of an upcoming altcoin season, especially after Bitcoin price reached a major resistance of around $49k last week. Already, some top-rated altcoins like Ethereum (ETH), Solana (SOL), and BNB have shown early signs of an imminent bullish trend in the coming months.
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