Ripple’s XRP is currently showing promising signs of a potential bull run, with eyes set on the $3 target this week. After gaining significant traction, XRP price has entered a phase of optimism, supported by an inverse head and shoulders pattern that signals a possible upward breakout. Alongside this, whale activity and rising long positions provide additional confirmation of XRP’s bullish trajectory.
At present, XRP is trading at approximately $2.38, with a slight intraday dip of around 1%. Despite this minor pullback, XRP has already marked a significant surge, climbing 10% in just a week and reaching a monthly high of $2.47. While the general crypto market saw a cooling effect following US-China trade discussions, XRP’s performance still outpaces many altcoins, suggesting a more promising outlook.
Bullish Pattern and Price Target of $3
XRP’s price action has recently broken past the neckline of an inverse head and shoulders pattern, a technical formation known for signaling a reversal from a downtrend to an uptrend. If this pattern plays out, XRP could witness a strong rally, pushing its price to $3 or even higher. A 36% increase from its current value could see Ripple climbing above the $3 mark, with $3.04 being the immediate target.
This pattern is particularly significant because it sets the stage for a potential extension towards Ripple’s previous all-time high of $3.40, providing a bullish target that could drive the market’s sentiment even higher. Supporting this forecast is the fact that XRP’s Relative Strength Index (RSI) stands at 61, indicating that the coin is still in the midst of bullish momentum despite hitting a brief resistance point around $2.40. The MACD line has also been forming higher highs since crossing the zero line, which reinforces the notion that bulls are gaining strength and the trend is likely to continue.
However, for this upward movement to be sustained, XRP must defend support levels, particularly the $2.23 range. If this level holds, the bullish trajectory remains intact. A failure to maintain support could lead to a reversal, signaling a possible pullback or consolidation phase.
Whale Activity and Rising Optimism
An interesting development in the XRP market comes from whale activity, as a large address has recently made a significant move. The whale deposited $5.84M in USDC tokens on the HyperLiquid platform and opened a 2x leveraged long position on XRP. This move indicates that the whale believes in the coin’s continued upside potential, which adds a layer of credibility to the bullish outlook.
This whale position is not an isolated event. Data from Coinglass and the Binance exchange shows that 74% of traders are currently holding long positions on XRP, reinforcing the sentiment that the altcoin is positioned for further gains. With the influx of long positions, XRP seems poised to outperform other cryptocurrencies in the coming days, especially if the broader market sentiment remains favorable.
XRP’s Potential This Week
As XRP continues to rise, it’s crucial to monitor the price action closely. The bullish head and shoulders pattern, combined with increased whale activity and the growing number of long positions, supports the theory that XRP could breach the $3 level before the end of the week. This rally could drive XRP into a new price discovery phase, pushing it toward higher targets and possibly even testing its all-time high.
In conclusion, while XRP is still in the midst of consolidating and testing resistance levels, the indicators point to a bullish outlook for the week ahead. With major players backing the move and positive market sentiment surrounding Ripple, the conditions are ripe for XRP to potentially reach $3 and even surpass that mark in the near future. If these developments continue, XRP may see explosive growth, positioning it as one of the leading altcoins in the market.
