XRP Surges 20%, Eyes Breakout Above $2.22
Key Takeaways
- XRP (Ripple) recorded a price increase of 20.7% over the past 7 days.
- The current price is USD 2.13, with a weekly high of USD 2.20.
- Analysts predict a rise to USD 2.40 if XRP breaks above USD 2.22.
- Trading volume and open interest in options have risen significantly.
- Market data indicates continued bullish sentiment.
Strong Price Performance for XRP
XRP, the token of the Ripple payment network, has seen strong gains over the past week. From a local low of USD 1.60, the price climbed to as high as USD 2.20. XRP is currently trading at USD 2.13 – a gain of 20.73% over seven days.
Trading activity has also increased significantly. Daily trading volume rose by 42.18% to USD 10.12 billion. Even more notable: the volume of XRP options jumped 204% to USD 3,490. Open interest – the number of open positions – rose by 87.5% to USD 486,600.
Technical Analysis: Uptrend with Potential
According to well-known analyst Ali Martinez, XRP is currently forming what is known as an “ascending triangle.” This chart pattern is a bullish signal, indicating that buyers are increasingly taking control.
The next key resistance level, according to Martinez, is at USD 2.22. If XRP breaks through this area, a rise to USD 2.40 could follow. Such a breakout would confirm the current upward trend.
Market Data Supports the Forecast
Additional data points to continued positive sentiment among investors. The buy-sell ratio on decentralized exchanges (DEX) is currently at 1.5. This means there are 1.5 buy orders for every sell order – a clear sign of buying pressure.
The so-called funding rate – a metric that shows whether traders are betting on rising or falling prices – has been positive for five consecutive days. This indicates that many market participants are holding long positions, betting on rising prices.
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In addition, the share of XRP held on exchanges has declined over the past week. The so-called exchange supply ratio is at 0.02743. Fewer tokens on exchanges typically mean lower selling pressure – another stabilizing factor for the price.
What Happens If There’s a Pullback?
If XRP fails to break through the resistance at USD 2.22, a drop to USD 1.90 is possible. This level could serve as short-term support. Such a pullback would not be unusual in the current market environment and would not necessarily invalidate the overall bullish outlook.
Our Assessment
XRP currently shows clear signs of continuing its upward movement. The price increase is supported by rising trading volume, strong demand, and positive market indicators. A breakout above USD 2.22 could pave the way to USD 2.40.
However, you should also keep potential pullbacks in mind. The crypto market remains volatile. Anyone investing in XRP or planning to do so should monitor the technical levels and manage risk accordingly.
Sources
- Coinglass
- CryptoQuant
- X (formerly Twitter)
| Symbol | XRP |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $2.20 |
| 24h % | 2.66 % |
| 7d % | 5.97 % |
| 30d % | -10.86 % |
| 60d % | -11.01 % |
| 1y % | 318.15 % |
| Official Links | Website |
| Socials | X |
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