With the top cryptocurrencies on a bullish stand, Ripple’s XRP is making a sharp comeback. Over the past 24 hours, XRP has surged by over 5%, rising about $2.25 with the new bullish engulfing candle and a surge of optimism in the derivatives market. Will XRP extend the bullish trend to reclaim the $2.50 psychological mark? Let’s find out.
XRP Price Targets $2.50 Breakout
On the daily chart, XRP price trend showcases a sideways trend under the $2.36 resistance formed on May 24. However, the recent intraday recovery of 4.56% marks a bullish start to the week and creates a bullish engulfing candle.
With a new rounding reversal at play, XRP eyes to challenge the $2.36 resistance. Supporting the bullish chances, the MACD and signal lines have given a positive crossover.
Further up, the daily RSI line signals a hook-shaped reversal, crossing above the halfway level. This represents a surge in bullish momentum and supports the upside chances.
According to the XRP price prediction, the $2.36 breakout rally could challenge the 50% Fibonacci level at the $2.50 psychological mark. The price action analysis further highlights the key resistance levels at $2.60, $2.76, and $2.93 moving forward.
The Fibonacci levels pain the 78.60% Fibonacci level near the $3.00 psychological mark is the key resistance above its 50% level. On the flip side, the crucial support remains the 23.60% Fibonacci level close to the $2.00 psychological mark.
Bullish Outlook Sparks in XRP Derivatives
CoinGlass data shows a significant surge in open interest and over-weighted funding rate in XRP, translating to a surge in bullish activity. The data shows open interest rising to $4.14 billion with a 6.74% surge, while the over-weighted funding rate has surged to 0.0086%.
Amid strong bullish dominance, the long-to-short ratio over the past 24 hours at 1.0362 showcases strong bullish sentiment. Notably, the 24-hour liquidation showcases the short liquidation at $4.14 billion, nearly four times the long liquidation at $1.19 billion.
Hence, the XRP derivative reflects the strong underlying anticipation of traders expecting a bullish comeback in XRP.
