1 week Ago
As of April 28, XRP is trading at $2.27, marking a 4.80% daily gain with volume soaring to $3.
9 billion. XRP has confirmed a breakout from an inverted head-and-shoulders pattern, signaling a bullish reversal. The SEC’s approval for the ProShares XRP Futures ETF further strengthens the asset’s institutional appeal.
As of April 28, XRP is trading at $2.27, representing a 4.80% gain over the past 24 hours.
The cryptocurrency has seen an intraday high of $2.29 and a low of $2.17.
Trading volume has surged significantly, with a 24-hour volume of $3.9 billion, indicating increased market activity and investor interest. The increased activity suggests that retail and institutional investors are showing interest in XRP, which could lead to significant price action going forward.
XRP Price Analysis XRP has been trading within a descending parallel channel for several months. A break above such a channel creates a strong bullish confirmation, indicating a prolonged downtrend is coming to an end. Currently, XRP is trading just below the upper boundary of the channel at $2.
28. A breakout has occurred from an inverted head-and-shoulders pattern, indicating that a bullish reversal is already well underway. After breaking the neckline around $2.
20-$2.25, XRP surged toward $2.27, confirming the pattern.
This breakout is significant because it often marks the beginning of a strong uptrend. Traders now look at the following resistance levels at $2.36.
The convergence of the neckline for this pattern with the channel resistance gives such a breakout more significance. With an RSI of 59.28, XRP is steadily rising from just below the 50 level it has been hovering at over the past week.
With the RSI continuing to climb, it indicates increasing buying pressure, keeping XRP in a bullish zone without approaching overbought conditions (above 70). The MACD line is now at 0.034, having crossed above the signal line at 0.
029, thereby forming a clear bullish crossover. The separation of the two lines, coupled with increasing histogram bars, suggests strong momentum in favor of further upward price movement. Price Targets If the bullish momentum continues, the first target would be $2.
36, followed by $2.56 and $2.76 based on Fib levels.
A sustained breakout above $2.76 could pave the way for $3.04 and ultimately $3.
40. On the downside, if XRP fails to hold above the breakout zone, support is at $2.17, followed by a psychological level at $2.
00. Further correction could potentially push prices down toward the lower boundary of the previous channel near $1.85.
ProShares XRP Futures ETF Approval The US SEC has granted official approval for the launch of ProShares Trust's XRP ETF to the public, effective April 30, 2025. This will mark a regulatory milestone, which is expected to increase institutional adoption and trading volumes in XRP. Traders should monitor the price actions of XRP in instances where changing volatility and liquidity, caused by ETF inflows, may lead to short-term price spikes.
This approval positions XRP alongside other regulated crypto ETFs, potentially making it more attractive for reluctant investors and portfolio managers. Funding Rates Derivative data indicates that the market had witnessed increased activity, with a 79.20% surge in volume to $8.
35 billion and a 3.82% increase in open interest to $3.99 billion.
Options trading has experienced significant growth, with options volume increasing by 114.52% and options open interest rising by 16.79%, both indicating heightened speculative interest.
The long-short ratios on major exchanges are considerably on the bullish side. The Binance ratio is above 2.5.
Weighted funding rates also suggest such a scenario, where long positions were taken more heavily than shorts. All these provide proof of a higher bullish nature in the price action of XRP..
