The crypto market witnessed a notable inflow during Friday’s U.S. market session as Bitcoin projected another attempt to $100k. Most major altcoins, including, were quick to follow this momentum, showcasing a sharp upswing to resume the prevailing uptrend. The XRP price offers a bullish breakout from $1.63 resistance, signaling the potential for a further rally.
As of now, the Ripple crypto price trades at $1.68 with an intraday gain of 1.4%. According to Coinmarketcap, the XRP’s market cap stands at $96 Billion, flipping BNB coin to acquire the position of 5th largest cryptocurrency.
- XRP price breakout from the pennant pattern signals a potential rally to $2.
- The Fibonacci extension tool highlights the key resistance level at $
- Derivative market data shows the investors’ confidence for a prolonged rally.
XRP Price Eyes $2 After Key Breakout
As Cryptonews predicted, the XRP price managed to give a decisive breakout from a bullish pennant pattern. On November 27th, the coin price flipped the triangle resistance into suitable support, bolstering buyers of its resumed prevailing uptrend.
The post-breakout rally drove the asset 16.8% and breached the last swing high of $1.63. According to the Fibonacci extension tool, the XRP price could drive another 15% surge to reach 0.618-FIB at $2.
A prolonged rally could push the asset to 1-FIB at $2.4 by December 2024
However, the Ripple crypto has recorded a remarkable 235% month-to-date(MTD) growth, which pushed momentum indicator RSI to an overbought region of 88%. As the trend remains the same in a financial asset, the XRP price is poised for a temporary pullback and allows buyers a breather to regain bullish momentum.
XRP price targets $2 after a bullish breakout, with potential for a 15% rally. The derivatives market signals strong interest.
Derivative Market Shows Recovery Potential For XRP
Following the price rally, XRP’s Futures Open Interest saw an extraordinary surge, skyrocketing from $681 million to $2.27 billion—a staggering 233% increase. This significant growth indicates heightened trader activity and increased speculation in the derivatives market, signaling strong market interest and potential bullish momentum for XRP.
In addition, XRP’s Open Interest (OI)-Weighted Funding Rate spiked to 0.04%, reflecting a positive sentiment among traders in the futures market. A higher funding rate typically indicates that long positions are dominating, suggesting traders are willing to pay a premium to maintain bullish positions.
While the XRP price is poised for an occasional pullback, the derivative market shows potential for a prolonged uptrend.