Bitcoin and altcoins are on a recovery rally as bulls enter the market after Easter. Among the quick-to-react altcoins, XRP gains 2.20% in the past 24 hours, sustaining above the $2 psychological level.
The XRP price action hits a potential bull-rounding bottom reversal. Will this drive the XRP price to break past the falling channel pattern? Let’s find out.
In the daily chart, the XRP price trend showcases a pullback phase within a falling channel pattern. However, within the bearish pattern, the XRP price takes a bullish turn around from the lower boundary line.
Reclaiming the $2 psychological level, the XRP price struggles to surpass the $2.16 resistance mark. Currently, the XRP price trend showcases a short-term rounding reversal as it sustains above the $2 level.
With an intraday recovery creating a bullish engulfing candle, XRP prepares to break past the $2.16 level. Supporting the possibility of a bullish turnaround, the MACD and signal lines sustain a positive trend with bullish histograms.
Furthermore, the daily RSI line witnesses an uptick to reach the halfway line. This shows the technical indicators reflect a spike in bullish momentum.
Analyst Signals High Momentum Move Incoming in XRP
Supporting the possibility of a bullish comeback, Ali Martinez, as a crypto analyst, highlights a squeeze in the Bollinger Bands. On the 4-hour price chart, the analyst signals a potential major price move incoming for XRP as the trend momentum coils up.
The potential $2.16 breakout on the horizon could reflect an upcoming rise to the $2.50 level.
Bulls Dominate Derivatives Market
With the increasing possibility of a massive bull run in XRP, the traders are flocking towards the derivatives market. The XRP derivatives data analysis reflects a near 5% surge in open interest, reaching $3.31 billion.
Furthermore, the open interest has flipped to positive, reaching a peak of 0.0086%, signaling intense bullish sentiments. With the rising interest in XRP in the derivatives market, the bulls are maintaining an upper hand.
The long positions account for 50.92%, marking a record gain in the past 36 hours from just 48.01%. This neutralizes the ground of the playing field and increases the possibility of an extended bullish trend.
Landmark Victory for Ripple To Boost XRP Price
As XRP prepares for a major move, the federal court case between Ripple and the SEC accelerates towards a $50 million settlement. This positions Ripple for a landmark victory against the Securities and Exchange Commission.
This could result in a massive bullish momentum spike in XRP prices, fueling the breakout rally.
XRP Price Targets
As per the daily chart, the short-term breakout rally of $2.16 will likely challenge a 23.60% Fibonacci level at $2.43. This will significantly increase the chances of a falling channel breakout run reaching the 50% Fibonacci level at $3.17.
On the flip side, the crucial support remains at the $2 psychological level, followed by the $1.77 level.
