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XRP has broken out of a major pattern with a high trading volume. Is a bullish rally on the horizon?
XRP has caught the market’s attention following a 69.42% increase in its 24-hour trading volume amid a major breakout. According to CoinMarketCap‘s data, the coin is trading at $2.29 and has surged nearly 3% with a rising open interest (+6.6%), at press time.
This comes after weeks of price consolidation inside a falling wedge pattern, making lower highs and lower lows.
Looking at the chart on a higher timeframe (3-day), the XRP price is consolidating above its descending trendline in this pattern formation. With a positive Open Interest (OI) Weighted funding rate, XRP bulls are gathering strength.
Technical analysis by crypto analyst Captain Faibik has revealed $5 as XRP’s next target following this breakout. With the long-short ratio standing at 2.09, the bulls dominate the market, and XRP’s rally could be due in the next few days.
