XRP seems to be bouncing back after experiencing a significant price decline the last week, and is set for a massive rally. The potential reasons for this bullish outlook include an upcoming political event, a recent bullish breakout, and the market’s recovery after a recent dip.
XRP Long/Short Ratio stood at 1.10, indicating strong bullish sentiment among traders. At present, 52.50% of top traders hold long positions in XRP, while 47.50% hold short positions. The XRP daily chart reveals that this accumulation and the increase in long bets on the asset have occurred near a key resistance level.
XRP appears bullish and has retested the breakout level of the bullish flag and pole price action pattern. It broke out of this pattern on the 11th of January 2025. Based on recent price action, if XRP breaks its support resistance at $3.5 and closes a daily candle above $4, it could soar by 70% to reach the $6 level in the future.
On the positive side, XRP’s Relative Strength Index (RSI) is currently below the overbought zone. This indicates that the asset has enough room to rally to the predicted level. As of now, at the time of writing this article, XRP is being traded around $3.27 and has seen a massive jump in its price getting soared over 20% in the last 24 hours and over 42% in the last seven days and has secured an impressive rank of #3 in terms of market capitalization which stands at $188 Billion.