Despite last week’s recovery run in the crypto market hitting pause over the weekends, the XRP price jumps for a breakout run. Ending the streak of low high and surpassing a crucial area of supply, XRP’s jump hit the $0.65 mark.
Will XRP hit $0.81 this week as the breakout momentum builds? Learn more in Coinpedia’s XRP price analysis below.
Wedge Breakout Run For XRP Continues To Struggle
With a massive jump of 4.39% on Saturday, the XRP price jump breaks above a long-coming resistance trendline. The bullish extension drives XRP higher by 4.37% on Sunday, with a 24-hour high of $0.6650. Currently, the XRP price is trading at $0.6462, with an intraday gain of 0.76%.
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The three-day recovery run forms three consecutive green candles or a triple-white-soldier pattern. Further, the recovery run surpassing the overhead trendline exceeds the 61.80% Fibonacci level at $0.63351. This marks a crucial breakout of the supply zone that has provided four bearish setbacks in the last two months.
With a successful V-shaped recovery, the bull run in XRP price is gaining momentum.
XRP Derivatives Boost Up
With the SEC appeal deadline drawing near, the optimism of XRP holders and the broader market grows. A reflection of the growing bullish speculation is the XRP’s open interest crossing the $1 Billion mark, per Coinglass.
Furthermore, the confidence in top traders on Binance shoots up. Based on the long/short ratio over the XRP/USDT futures, 1.70 ratios of accounts and 2.20 ratios of positions reflect a bullish phase.
Will XRP Price Hit $0.81?
The bullish breakout of the 61.80% Fibonacci level increases the bull run chances to the 100% Fib level at $0.81. Further, the bullish trend in the MACD and signal line, along with a positive alignment of the crucial EMAs, supports the uptrend.
However, a broader market slowdown or an appeal from the SEC could shatter the recently surged optimism in XRP.
Wondering how far the XRP price could shoot in the long run? Read our Ripple (XRP) Price Prediction.
Source: https://coinpedia.org/price-analysis/xrp-price-shoots-to-0-65-as-open-interest-crosses-1b-targets-0-81-this-week/