After more than a year of accumulation, Ripple's XRP has broken out of a bullish price pattern and is now enjoying strong momentum.
The breakout comes as SEC Chairman Gary Gensler hinted he might resign.
XRP Technical Analysis and Upcoming Levels
According to the analysis, XRP is in an uptrend as it broke out of an ascending triangle pattern on the weekly chart and closed above $0.75.
This has shifted market sentiment from correction to bullish.
With the current momentum, XRP could hit $1.35, representing a 75% gain.
However, before reaching this level, it could face strong resistance around $0.90. History shows that the $0.90 level often brings selling pressure, but the positive sentiment and the possibility of Gensler's resignation could help XRP break above this level.
XRP is currently trading above the 200 EMA, confirming the uptrend.
On-Chain Optimism
Coinglass data shows that XRP's Long/Short ratio reached 1.18, the highest since August 2024, reflecting positive sentiment among traders.
54% of top traders hold long positions, and XRP open interest is up 24% in the last 24 hours.
Current price momentum
At press time, XRP is trading around $0.987, up more than 18% in the past 24 hours, along with a 35% increase in trading volume, indicating active investor participation following the breakout.
