$XRP rises 12% thanks to triangle pattern, rising futures bets favor bullish prices.
XRP surged 12% to extend its weekly gains to over 40%, beating other major tokens.
A bullish triangle pattern on the long-term price charts of XRP and a substantial increase in open interest suggest further upside potential in the coming weeks.
XRP jumped 12% in the last 24 hours
to lead gains among crypto majors, beating bitcoin (BTC) and the broader coinDesk 20 Index (CD20).
The token has added 5% since the start of Asian trading hours. On Wednesday, it will 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 underperforming the market for a long time, but the reversal in sentiment toward the crypto has sparked a steroid rally in the once-largest altcoin. In the latest bounce, the price climbed to 60 cents, its highest since April "This is an attempt to get back into the uptrend of the last two years," said Alex Kuptsikevich, senior market analyst at FxPro.
However, it may well be that XRP needs to rest after the ascent. And this peak is appropriate, because we saw prolonged consolidations here in November-December and March, Kuptsikevich added.
The token's gains began last week
while traditional futures powerhouses CME and CF Benchmarks announced the launch of indices and benchmark rates for XRP. And such moves have formed a triangle pattern on long-term price charts, which some popular traders believe could favor bullish action in the coming weeks.
