- XRP is showing bullish potential after breaking out from a symmetrical triangle pattern, with traders eyeing a move toward the $2.50 resistance level.
- Despite strong technical indicators and rising market interest, caution remains due to resistance zones and mixed momentum signals.
XRP is once again making headlines in the crypto market, surging with renewed momentum after breaking out from a symmetrical triangle pattern on the daily chart. While price action has remained relatively tight, recent indicators suggest that a significant move could be just around the corner.
A Bullish Breakout with Rising Interest
At the time of writing, XRP is trading around $2.20, reflecting a minor 0.7% dip in the past 24 hours. Despite the small pullback, investor sentiment remains bullish. Data from Coinglass shows that 71% of Binance traders are holding long positions on XRP — a clear sign of market optimism.
Fueling this sentiment is a sharp rise in open interest, now sitting at $3.75 billion. This surge indicates heightened market participation, but it also increases the potential for volatility, especially given the recent 1000% liquidation imbalance seen when XRP briefly dropped to $2.13.
Technical Indicators Signal Uptrend
XRP recently broke above the symmetrical triangle pattern that has defined its movement for weeks. This type of breakout is typically considered bullish, and technical analysts are pointing to a potential upside target of $2.50. The price is currently testing the $2.21 level — a key area that has historically served as both support and resistance.
Traders are watching the $2.24 level closely. A decisive close above this could pave the way toward $2.30, a critical resistance point that may confirm the bullish breakout. A successful breach of $2.30 might trigger an 11% rally to the next major resistance zone at $2.50.
Momentum and Caution Going Forward
Several technical indicators support a continued bullish trend. XRP is trading above its 50-day and 100-day Exponential Moving Averages, providing solid support at the $2.20 level. Furthermore, the MACD indicator showed a bullish crossover on April 12, bolstering the case for upward momentum.
However, not all signs point to clear skies. The RSI remains below 50, indicating lingering bearish pressure, and the SuperTrend indicator has issued a sell signal — suggesting that profit-taking may slow the rally as XRP nears $2.50 and possibly $2.80.
With rising open interest, bullish technical signals, and strong support levels, XRP seems poised to challenge the $2.50 mark. However, resistance zones and mixed momentum indicators suggest traders should remain cautious. A clean break above $2.30 could be the spark XRP needs to reclaim its bullish momentum heading into Q2 2025.