Skip to content
- XRP is trading at $3.11, up 0.96% in 24 hours, but has dropped 6.42% over the past week amid decreasing volume.
- Analysts established breakout targets at $3.37, $4.00, and $5.00, anticipating that an increase in volume would verify a bullish trend.
- With RSI at 53.69 and MACD above the signal line, XRP shows signs of potential bullish momentum in the near term.
Ripple (XRP) is currently trading at $3.11, showing a minor increase of 0.96% over the past 24 hours. In the past week, the coin has, however, recorded a 6.42% decline. The current daily trading volume of XRP is $7.74 billion, a 35.89% decrease from previous periods. The technical configuration of XRP indicated that it was on the brink of a breakout, despite the price decline, which captivated market observers.
Source: CoinMarketCap
XRP Breakout Could Trigger Big Price Moves
Crypto analyst Jonathan Carter highlighted that XRP is performing to prepare a breakout. The key indicator he identifies is the consolidation above a broken flag pattern on the daily chart. Analysts say that the technical formation shows that a breakout may be near, and the move may result in a big price movement.
In case of a breakout, the analyst has established price targets at $3.37, $4.00, and $5.00 on XRP. He anticipates that the trading volume will also increase, further confirming that the bullish pattern continues. With these conditions, analysts expect that XRP may rally in the near term.
Source: X
Volume Drops, But Market Interest Holds Strong
According to CoinGlass data, the volume of XRP in the market declined by 50.25 percent to reach $7.74 billion. However, Open Interest (OI) has increased slightly by 0.68% and is now valued at $8.07 billion.
This suggests that there is some sustained interest from traders. The funding rate based on the OI of XRP is 0.0070%, which further indicates that the market is still not out of bullish mode despite the ongoing downward trend.
Source: CoinGlass
Also Read: Singapore Pushes Tokenisation Drive as Ripple’s XRP Ledger Gains Key Role
RSI Above 50, MACD Shows Upward Momentum
The relative strength index (RSI) of XRP is 53.69, an indicator of neutral momentum. When an RSI rises above 50, it means that there is a probability that the price will move upwards since XRP is neither oversold nor overbought. There may be a larger short-term bullish swing when the RSI crosses the 60 mark.
A slight upward trend is also indicated by the Moving Average Convergence Divergence (MACD). The MACD line contains 0.07793, which is slightly higher than the signal line 0.06194. The histogram indicates some red bars, but the fact that the MACD line is above the signal line indicates the possible bullish crossover.
Source: TradingView
XRP is consolidating but is indicating a possible breakout. Although the trading volume is decreasing, other market indicators, including RSI and MACD, indicate that XRP may be headed to a rally should the breakout happen.
Traders should confirm the next move by monitoring a larger volume and price movement. If XRP manages to escape its current consolidation range, it may reach target prices of $3.37, $4.00, and $5.00.
Also Read: Stablecoin Demand Rises as Citigroup Prepares Custody and Payment Solutions
