XRP News Today: XRP Surges 9% as Israel-Iran Ceasefire Boosts Crypto Market

XRP, the cryptocurrency, experienced a notable surge on Tuesday, climbing by 9% following the ceasefire between Israel and Iran. This development contributed to a broader recovery in the cryptocurrency market, with XRP's price trading above $2.00 at the time of reporting. The price had previously dipped to a weekly low of $1.9083, but the ceasefire news provided a much-needed boost, pushing the price to $2.18 and reflecting strengthened bullish sentiment in the short term.

The derivatives market also saw increased activity, with XRP's open interest surging past $3.77 billion. This jump indicates heightened market participation and suggests that leverage could drive further gains. The funding rate, which measures the cost of holding leveraged positions, flipped from -0.0072% to 0.0059%, signaling growing bullish sentiment. When funding rates are positive, traders are willing to pay a premium to hold long positions, indicating upward price pressure in the short term. This trend is supported by liquidation data, where short liquidations totaled $9.38 million, compared to $3.10 million in long positions, showing that bearish bets were squeezed as XRP climbed.

Technical analysis provides additional insights into XRP's potential trajectory. The price is now approaching its 50-day Exponential Moving Average (EMA) at $2.2164 and 100-day EMA at $2.2324. A daily close above these levels could pave the way for a breakout to the next key resistance at $2.38, a trendline marked by previous peaks on January 16, January 20, and May 14. The Moving Average Convergence Divergence (MACD) indicator shows the MACD line nearing the signal line, suggesting a potential bullish crossover, which is commonly viewed as a buy signal. The Relative Strength Index (RSI) is also climbing toward the 50 level from earlier bearish territory, indicating strengthening momentum.

Despite these near-term bullish signals, the weekly chart reveals a head and shoulders formation, often considered a bearish reversal pattern. According to analyst Peter Brandt, the neckline of this structure is at $1.8790. A break below this level could indicate a steeper correction, but Brandt suggests the pattern has not completed. He highlighted that the long-range Doji candle formed on April 7, resulting from high volatility, does not align with the expected symmetry of a typical head and shoulders pattern. Brandt remains cautiously optimistic as long as XRP holds above the $1.8790 neckline. Should the token close below this level on the weekly chart, it could signal a shift in trend and a possible review of the technical setup.