🚀📈 $XRP at $3.40! Bullish trend intact according to technical analysis and increase in interest.
The price of XRP shows positive signs with the formation of a bullish recovery pattern in the shape of a V on its weekly chart, aiming for $3.40 🎯. This coincides with a significant increase in open interest (OI) for XRP futures 💰.
Key points:
1. V Recovery: Bullish pattern formed after a strong drop, completed upon reaching resistance (neckline) ⬆️.
2. Increase in OI: A 53% rise in OI to $5.06 billion indicates strong bullish sentiment 💪. Historically, large increases in OI have preceded significant XRP rallies 🚀.
3. Neutral funding rates: Although positive, the funding rates of #xrp (around 0.0065%) suggest a balanced market sentiment 🤔.
4. Key support: Bulls need to hold $2.60 as support to increase the chances of reaching $3.00 and then the neckline at $3.40 (a 40% increase from the current price) 🚀🌕.
5. Bullish RSI: The Relative Strength Index (RSI) has risen from 43 to 56 in six weeks, indicating growing bullish momentum ⬆️.
Optimistic analysts:
1. Egrag Crypto: Breakdown of the descending triangle could lead XRP to test $3.40 again 📐.
2. Dom: XRP must hold $2.40 (above all its VWAP and main moving averages) to sustain the bullish continuation 🛡️. A clear breakout of the VWAP bands suggests bullish potential if this level is defended 💪.
Do you think XRP will reach $3.40 this month? 🤔 How important is maintaining support at $2.40 for this bullish prediction?
#BinancePizza #Xrp🔥🔥 #CryptoRegulation
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