XRP Rally Accelerates: Bulls Eye $3.00 Breakout!

On the basis of cryptocurrency market risk-on mood, XRP bulls target $2.40 support.

The XRP Ledger averaged 7.3 million addresses, a record.

XRP derivatives interest grows with futures Open Interest, hitting $5.56 on Thursday.

Ripple (XRP) recovers to $2.49 on Thursday. The bullish surge in the crypto market spurred risk-on attitude as investors sought shelter in riskier assets like Bitcoin (BTC), Ethereum (ETH), and XRP owing to US tariff developments and macroeconomic uncertainties.

Due to a recent breakthrough from an inverse Head-and-Shoulders (H&S) pattern and good fundamentals, XRP may accelerate the uptrend and approach $3.00 highs.

Bulls hold XRP amid stable fundamentals
The number of XRP Ledger (XRP) addresses has grown over the previous two years. According to Glassnode, protocol addresses average 7.3 million, up from 6.3 million on January 1 and 5.7 million on July 10, 2024.

A rise in Number of Addresses reflects retail and institutional investment activity. Trading costs and interactions on the XRP Ledger rise with network utilization and transactions.

The derivatives market shows increased interest in XRP, with futures Open Interest (OI) climbing to $5.56 billion from $3.54 billion on June 23.

A 30% rise in trade volume to $9 billion indicates market activity. Traders are banking more on price hikes than XRP falling.

Short positions accounted for $8 million of $10 million in liquidations in the preceding 24 hours. Bullishness was also indicated by the rising long-to-short ratio, which averaged 0.9904.

After breaking the inverse H&S pattern, XRP might continue the rally to $2.76 and reduce the gap to $3.00 round-figure barrier.

Traders need also break and close above $2.46 resistance to determine upswing strength. However, profit-taking and market factors, notably US tariff worries, might cause a retreat.

Support is expected around the 50-period EMA ($2.25) and the junction of the 100- and 200-period EMAs at $2.23.

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