XRP Surges 20.73% In Week, Eyes $2.4 Breakout

Over the past week, the cryptocurrency XRP has experienced a significant surge in its price, rising from a local low of $1.6 to a high of $2.2. At the time of writing, XRP was trading at $2.13, marking a 20.73% increase over the past seven days. This upward trend has been driven by growing bullish sentiment and favorable market conditions.

Analysts have been closely monitoring XRP's price movements, with popular crypto analyst Ali Martinez predicting a rally to $2.4. Martinez's analysis suggests that XRP is currently trading within an ascending triangle, a pattern typically indicative of a bullish continuation. This pattern signals that buyers are gradually gaining strength, and a breakout above the key resistance level of $2.22 could trigger a significant upward move toward $2.40.

The recent price pump has been supported by strong upward momentum, as indicated by a DEX buy-sell ratio above 1, standing at 1.5 at press time. This ratio means that for every sell order, there are 1.5 buy orders, indicating higher buying pressure. Additionally, the positive Funding Rate over the past five days suggests that investors are bullish and are going long, further supporting the bullish momentum.

The rising options volume and the decline in XRP’s Exchange Supply Ratio to 0.02743 over the past week also contribute to the favorable market conditions. With supply into exchanges declining, it implies that investors and holders are sending fewer XRP tokens to exchanges to sell, reducing selling pressure and playing a key role in price stability.

If the current sentiment remains strong, XRP could reclaim the $2.2 resistance level. A breakout above this level may lead to an attempt at $2.5. However, if a pullback occurs at $2.2, XRP could retrace to $1.9. The pressing question remains: Can XRP maintain its momentum and achieve sustained gains?