$XRP price sees a 58% rally to $3.40 as Binance data including taker buy/sell ratio, funding rate, OI shows early signs of acceleration.
Ripple (XRP) is still in the early stages of a bull market as Binance data quickly absorbs sell-side pressure.
XRP has gained 20% in value over the past seven days, overtaking Tether (USDT) to emerge as the third largest crypto after Bitcoin and Ethereum.
XRP hits $2.60 resistance as Binance data signals further gains.
Ripple is facing strong resistance at $2.60, a price level it has tested twice in the past two weeks without breaking.
However, Binance Futures data suggests that the bulls will continue to dominate as buyers quickly absorb the sold coins.
For example, the buy/sell ratio of XRP bearers has reached 0.91, indicating the dominance of short sellers. However, despite traders aggressively shorting Ripple, the XRP price remains between the $2.30 and $2.60 range.
Additionally, $XRP open interest on Binance is on the rise again after a significant number of leveraged positions were closed last month.
Over the past six days, OI has increased by $344 million, indicating renewed retail interest and increased volatility in XRP's price performance.
The funding rate makes a further bullish case for Ripple, with CryptoQuant analyst BorisVest noting that the metric suggests a slight squeeze is underway.
XRP's funding rate has turned positive again and currently stands at a neutral level, indicating that the number of longs and shorts is equal.
However, Binance's buy/sell ratio shows that short positions are increasing, indicating that a short squeeze is looming, which will push the price of XRP higher if those positions are closed.
Looking at this data from Binance Futures, it is clear that the ongoing bullish momentum will continue as the bulls set their sights on $3 and aim for new 2025 highs.
XXRP ETF inflows reinforce bullish outlook.
The first $XRP ETF to launch in the US has surpassed $100M in net assets, further reinforcing the bullish outlook for Ripple's value.
Teucrium's XRP Leveraged Futures ETF (XXRP), which launched on April 8, has achieved $117M in net assets and 2.7 million shares outstanding.
Continued inflows into this product highlight strong institutional buying towards XRP. The product is also playing a key role in absorbing sell-side pressure from short sellers, and if retail buyers step in now, it will propel Ripple into the next phase of the bull run.
XRP Price Prediction as Bulls Target $3.40.
XRP price is showing a strong technical outlook as it is above a key support level and pushing towards a downward sloping resistance line.
If Ripple can make a high above this resistance line and confirm the daily close, it will be a strong bullish signal leading to the next run-up to the all-time high of $3.40.
The ADX line further supports the bullish XRP price forecast as it indicates that the upward trend is strong enough for a breakout from this resistance level.
At the same time, the RSI shows that momentum around XRP is strong, making it more likely that Ripple will be one of the altcoins to explode to new highs.
With Binance futures data showing bullish signs amid growing inflows into the first XRP ETF in the US, XRP could rise above $3 if it can overcome strong resistance at $2.60.
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