$XRP Surges 12% on the Back of Triangle Pattern, Rising Futures Bets Favor Bullish Price Moves Ahead
XRP surged 12% to extend weekly gains to over 40%, beating other major tokens.
A bullish triangle pattern on XRP's long-term price charts and a substantial increase in open interest suggest more upside in the coming weeks.
XRP surged 12% in the past 24 hours to lead gains among crypto majors, beating bitcoin (BTC) and the broader coinDesk 20 (CD20) index.
The token added 5% since the start of Asian trading hours on Wednesday to extend seven-day gains to nearly 40%, making it the best-performing major despite favorable regulatory developments for ether (ETH) and demand for meme coins.
"XRP has been performing worse than the market for a long time, but the reversal of sentiment in crypto has sparked a rise on steroids in the once-largest altcoin. On the latest bounce, the price rose to 60 cents, its highest since April. This is an attempt to jump back into the uptrend of the past two years, " Alex Kuptsikevich, FxPro senior market analyst said.
However, it may well turn out that XRP needs to rest after the climb. And this high is appropriate, as we saw prolonged consolidations here in November-December and March, Kuptsikevich added.
Gains in the token started last week as traditional futures powerhouses CME and CF Benchmarks announced the debut of indices and reference rates for XRP. And such moves have formed a triangle pattern on long-term price charts, which some popular traders say could favor bullish action in the coming weeks.
