Ripple (XRP) shows early signs of a bullish trend as Binance data reveals rapid absorption of selling pressure. Over the past week, XRP price surged 20%, reclaiming its position as the third-largest cryptocurrency by market capitalization, surpassing Tether (USDT).
Key Resistance at $2.60: Binance Data Suggests Further Upside
XRP faces strong resistance at $2.60, a level tested twice in recent weeks without breaking through. Key Binance futures metrics, however, signal continued bullish momentum:
- Taker Buy/Sell Ratio (0.91): Indicates short-term seller dominance but highlights efficient absorption by buyers.
- Open Interest Surge: Increased by $344 million over six days, reflecting renewed retail interest.
- Neutral Funding Rate: Suggests balanced long/short positions, with potential for a short squeeze.
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Institutional Confidence: XRP ETF Inflows Exceed $100M
Teucrium’s leveraged XRP futures ETF (XXRP) has attracted $117M in net assets since its April 8 launch, demonstrating institutional demand. This ETF plays a critical role in mitigating sell-side pressure, potentially catalyzing the next phase of XRP’s bull run.
Technical Analysis: Path to $3.40
XRP’s price action reveals a strong technical setup:
- Support Level: Holding steady above $2.30.
- Resistance Breakout: A daily close above the $2.60 resistance line could trigger a rally toward the all-time high of $3.40.
Indicator Signals:
- ADX Line: Rising trend strength.
- RSI: Bullish momentum intact.
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Frequently Asked Questions (FAQs)
What’s driving XRP’s price today?
Increased buying activity and broader crypto market momentum are key contributors.
How does Binance data support a bullish outlook?
Metrics like rising open interest and efficient buy-side absorption indicate strong underlying demand.
Can XRP surpass $3?
A breakout above $2.60 resistance could propel XRP toward $3.40, especially if accompanied by a short squeeze.
Key Takeaways
- Bullish Indicators: Binance data shows early signs of sustained upward momentum.
- ETF Impact: Institutional inflows via XXRP ETF bolster market confidence.
- Price Targets: $3.40 achievable if resistance levels are breached.
Disclaimer: Cryptocurrency investments carry risks. Conduct independent research before making financial decisions.
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