Cryptocurrency markets witnessed notable inflows during Friday’s US market session as Bitcoin anticipated another attempt at $100,000. Most major altcoins, including: XRP price is showing strength above the $1.63 resistance, suggesting further upside potential.
The current Ripple cryptocurrency price is trading at $1.68, up 1.4% intraday. According to Coinmarketcap, XRP’s market capitalization is $96 billion, overtaking BNB coin and taking the position of the fifth-largest cryptocurrency.
- A breakout of the XRP price in a pennant pattern signals a possible rise to $2.
- The Fibonacci extension tool highlights key resistance levels in $.
- Derivatives market data shows investor confidence in a long-term uptrend.
XRP price is targeting $2 after a major breakout.
As Cryptonews predicted, XRP price delivered a decisive breakout of the bullish pennant pattern. On November 27, the coin price converted the triangle resistance into a decent support line, strengthening buyers for the resumed dominant uptrend.
The post-breakout rally lifted the asset by 16.8% and broke the last swing high of $1.63. According to the Fibonacci extension tool, XRP price could surge another 15%, reaching 0.618-FIB at $2.
A prolonged rally could push the asset to 1-FIB of $2.4 by December 2024.
However, the Ripple cryptocurrency has recorded an impressive 235% month-to-date (MTD) growth, pushing the momentum indicator RSI into overbought territory at 88%. Since trends in financial assets remain the same, the price of XRP sees a temporary decline, giving buyers room to regain bullish momentum.
XRP price targets $2 after a bullish breakout, with a potential 15% rise. Derivatives markets show high interest.
Derivatives Markets Show Potential for XRP’s Recovery
Following the price rise, XRP’s Futures Open Interest saw an incredible surge, jumping 233% from $681 million to $2.27 billion. This significant growth signals increased trader activity and increased speculation in the derivatives markets, indicating strong market interest and potential bullish momentum for XRP.
Additionally, XRP’s open interest (OI) weighted funding ratio surged to 0.04%, reflecting positive sentiment from futures market traders. A high funding ratio usually means that long positions are dominant, indicating that traders are willing to pay a premium to maintain bullish positions.
While the price of XRP is poised for intermittent declines, the derivatives market is likely to see a long-term upward trend.