- XRP trades at $2.20 with 71% of Binance traders in long positions, signaling strong market optimism.
- A breakout from a symmetrical triangle suggests potential for a rally toward $2.50, despite key resistance at $2.30.
- Technical indicators are mixed, with bullish EMAs and MACD offset by a bearish RSI and SuperTrend sell signal.
The XRP token is currently trading at $2.20, reflecting a modest 0.7% dip in the last 24 hours. While this price shift appears minimal, overall market sentiment remains largely optimistic.
The data of Coinglass indicates that 71% of Binance traders are on the long XRP position, pointing to a bullish sentiment of the investors. Large strides have been made, one of which is an incredible jump in open interest to $3.75 billion.
The fact that the level of leveraged positions is increasing while XRP activity is peaking tells us that there is enhanced engagement with the asset, while it also brings greater risk. This was a stark example of this being played out, as a recent 1000% liquidation imbalance was triggered by a very brief dip to $2.13.
Symmetrical Triangle Signals Imminent XRP Move
XRP is stuck inside a tight trading range between $2.19 and $2.25 since the start of the month. A symmetrical triangle formation has been identified on the four hour chart by technical analysts, which is sometimes indicative of a continuation of a larger trend. That structure here would be interpreted as indicating equilibrium in the market, and consequently a sharp move in either direction off the break could manifest.
On the daily chart XRP has triggered an exit of the This triangle, looking to knock out to $2.50. This bullish scenario is further supported by increasing trading volume and stronger Relative Strength Index (RSI). However, analysts point out the site of the $2.50 level as a stiff resistance zone still.
At this writing, XRP is taking a hit on the upper boundary of a symmetrical triangle, which has been resistance at the $2.21 level multiple times. A crack above this would be required for a renewed shot towards $2 . 30 which is the next major barrier. If the $2.30 level is broken, an upside breakout should be considered as an indication of successful breach of the resistance line.
XRP Eyes $2.30 Amid Mixed Indicators
In the past, symmetrical triangle breakouts have resulted in fast and big moves in price. Analysts forecast a bullish trend might continue into the opening quarter of 2025 if XRP continues its current path, reaching as high as $3.77. On the other hand, a dip below yesterday’s low can signal the start of a bearish trend.
Still in the process of trading above both the 50 and 100 day Exponential Moving Averages, XRP has displayed strength and is still pressing the $2.20 level as a solid support. Additionally, the MACD indicator crossed bullish on April 12, validating the case of the continuation of upward move.
The $2.24 is now the eyes of the traders, who are also monitoring closely whether it could possibly achieve the critical $2.30 “break-or-fade” level. The close above this threshold could even lead to an 11% rally towards $2.50 where there is significant market interest.
Yet not all indicators are flashing green lights. The RSI is still below 50, therefore, the underlying bearish pressure. Furthermore, the SuperTrend indicator signals a sell signal suggesting profit taking may kill the momentum into resistance levels such as $2.50 and $2.80.
Traders should be wary of the key technical junctures Ripple is approaching while alert to breakout opportunities to redefine the token’s short to mid term trajectory.
