Ripple (XRP) Eyes 165% Gains As Bullish Cues Add Up Read CoinChapter.com on Google News
NOIDA (CoinChapter.com)— XRP price has recently shown signs of bullish momentum, fueled by Ripple’s strategic expansion into global markets. As Ripple strengthens its international presence, the XRP price action reflects growing investor confidence.
The latest technical indicators suggest that XRP is gathering the necessary momentum for a potential rally, building on the optimism surrounding Ripple’s broader adoption efforts.
With bullish patterns forming on the charts and market sentiment shifting, XRP price could capitalize on these positive developments, potentially sparking a significant upward move shortly.
XRP Futures Indicators Signal Bullish Momentum
Recent XRP price action shows a clear bullish trend, supported by key futures market indicators.
Over the past few days, Open Interest (OI) in XRP futures has steadily increased, surpassing $700 million. This rise in OI indicates that traders are actively positioning themselves in the market, likely anticipating a significant price movement.
XRP OI-weighted funding rate. Source: Coinglass
The OI-weighted funding rate has remained mostly positive throughout August, reinforcing the bullish sentiment. A positive funding rate means long positions pay the shorts, suggesting that traders expect XRP’s price to rise. The consistent increase in OI and a positive funding rate signal growing confidence in XRP’s upward potential.
Moreover, the stabilization and subsequent rise in OI and funding rates in August indicate a shift in market sentiment. Traders now appear more confident in a bullish outcome for XRP.
The combination of rising OI and sustained positive funding rates suggests that XRP is poised for an upward move. Traders are accumulating long positions, signaling strong expectations for continued price gains.
Technical Pattern Adds To The Bullish Cues
The XRP USD trading pair has formed an ‘ascending triangle,’ a bullish technical pattern often indicating potential upward movement.
The pattern occurs when a horizontal resistance line connects swing highs while an ascending trendline links higher swing lows. This setup suggests increasing buying pressure as the price approaches the resistance level.
XRPUSD pair formed a bullish setup with a 165% upside target. Source: Tradingview
The significance of this pattern lies in the potential for a breakout. A surge in trading volume as the price nears the resistance level typically confirms the likelihood of a breakout above it.
The ascending triangle formation indicates that buyers are gaining strength, and a successful breakout could lead to further upward momentum for XRP. This technical setup provides a clear framework for assessing potential price movements in the near term.
In technical analysis, the price target for an ascending triangle breakout is calculated by measuring its height and projecting it from the breakout point. For XRP, this calculation suggests a price target near $1.61, a spike of 165% from the current level.
XRP is currently testing the pattern’s upper trendline resistance.
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