XRP Bulls Eye 30% Surge as Price Breaks Out

XRP, the native cryptocurrency of the Ripple network, has been in a prolonged consolidation phase, but recent market sentiment has sparked optimism about a potential breakout. The asset has seen a 2.50% price increase in the past 24 hours, pushing it close to the upper boundary of its consolidation zone at $2.54.

Analysts predict that if market sentiment remains positive, XRP could breach its prolonged resistance and surge by 30% to reach the $3.32 level. This bullish outlook is supported by the price rebound across the cryptocurrency market.

Intraday traders holding long positions are currently dominating XRP, with significant open positions maintained over the past 24 hours. Data shows that traders with long positions are over-leveraged at $2.386, where they have built $65 million worth of long positions. Meanwhile, $2.533 is another key level where traders with short positions are over-leveraged, currently holding $20 million worth of short positions.

As the XRP price approaches the $2.533 level, there is a risk of liquidation for $20 million worth of over-leveraged positions. If this level gets liquidated, it could lead to a surge in XRP's price due to minor bets by short traders, potentially pushing it towards its predicted level.