XRP Bulls Eye $3.25 as ETF Hopes Boost Volume

XRP's price targets and the optimal time to buy have been a topic of interest among crypto enthusiasts. Despite market uncertainty, XRP has shown resilience and is gaining attention due to its bullish price action. The recent Bybit hack, which resulted in a $1.4 billion crypto drain, triggered multi-million-dollar liquidations and a market-wide decline. However, XRP's value has since recovered somewhat, trading near $2.60 after a 3% price drop in the last 24 hours.

Investor and trader interest in XRP has surged, with a 47% increase in trading volume. This uptick in participation is likely driven by optimism surrounding the potential approval of Spot XRP ETFs in the near term. Technical analysis reveals that XRP has formed an ascending triangle pattern on the four-hour timeframe, with the altcoin's price holding support at the ascending trendline and the horizontal level of $2.50.

Historical data suggests that whenever XRP touches its trendline, it tends to gain upside momentum. For instance, the last time the crypto hit the $2.50-mark, it surged by 10%. Based on its recent price action, if XRP holds above the $2.50-level, there is a strong possibility it could surge by 10% to hit $2.85 in the coming days. However, if market sentiment remains unchanged and XRP breaks out of the ascending triangle pattern, closing a four-hour candle above the $2.80-level, it could gain an additional 15% momentum and climb to the next resistance level at $3.25.

Despite a bullish outlook, XRP is currently trading below the 200 Exponential Moving Average (EMA) on the four-hour timeframe, indicative of a short-term downtrend. Additionally, the asset's Average Directional Index (ADX) has a reading of 15, suggesting weak upside momentum. However, long-term holders and investors have been accumulating XRP tokens, according to on-chain analytics firm Coinglass. This lends further credence to the altcoin's bullish outlook, as significant outflows of $29.5 million in XRP from exchanges in the last 48 hours can create buying pressure and drive further upside.

At press time, the major liquidation levels were