Is Ripple (XRP) on Track to Break the $2.40 Barrier ?

Ripple’s Rebound Gains Momentum

Over the past week, Ripple (XRP) has shown significant growth. During this period, the altcoin surged from a local low of $1.6 to a high of $2.2.

At the time of writing, XRP was trading at $2.15, marking a 21.73% increase over the last 7 days. On the daily charts, the altcoin has also recorded significant gains.

Additionally, the volume surged by 42.18% to reach $10.12 billion, while the options volume soared by 204% to $3.49k. Similarly, the altcoin’s options Open Interest increased by 87.5% to reach $486.6k.

Heading Towards a Test of the $2.4 Zone ?

This recent price surge has caught the attention of analysts, who now see a strong bullish move ahead. Popular crypto analyst Ali Martinez predicts a rally up to $2.4.

According to his analysis, XRP is currently forming an ascending triangle. This pattern is typically seen as a bullish continuation signal, indicating that buyers are gradually gaining strength.

Martinez points out that XRP will need to break a key resistance around $2.22. A breakout above this level could trigger a significant move towards $2.40, which is a strong demand and hence resistance zone.

With crucial support at $2.02, XRP must stay above it to reach this green area in the coming days. Otherwise, the token will fall back. Possibly between $1.75 and $1.73 or lower.

However, XRP might also drop after hitting this strong zone between $2.3 and $2.37. This will depend on Bitcoin and market trends as this zone may lead many traders to exit the market.

How Far Can XRP Go?

Nevertheless, in the medium term, it seems poised to target $3 in the coming weeks. AMBCrypto’s analysis revealed that XRP is benefiting from a strong bullish momentum, driven by growing positive sentiment.

Despite a slight retreat in recent days, the buy/sell ratio on the XRP DEX remains above 1, standing at 1.5 at the time of writing. This means that for every sell order, there are 1.5 buy orders, indicating high buying pressure.

Therefore, more buy orders are being executed in the market compared to sell orders, further reinforcing the bullish momentum.

Additionally, with a positive Funding Rate for XRP over the last 5 days, it suggests that investors are optimistic and taking long positions.

Finally, the Supply Ratio on XRP exchanges has decreased over the past week, reaching 0.02743. This drop in supply on exchanges indicates that investors are holding onto more XRP tokens, reducing selling pressures.

In summary, Ripple’s token is currently enjoying favourable market conditions, positioning it for further price gains. If the current sentiment remains strong, XRP could reclaim the resistance level of $2.40. A breakout above this threshold could then lead to an attempt at $2.50.

However, in case of a pullback to $2.02, XRP could retreat to $1.90 and $1.75.

As XRP appears to have found its bottom, it presents a good buying opportunity for the coming weeks. Here is a detailed guide on buying XRP on Weex:

1. Create a Weex account
   Visit the official Weex website and sign up with your email or phone number. Confirm your registration with the code sent and activate 2FA to secure your account.
2. Verify your identity (KYC)
   Complete the KYC verification by submitting an ID document and, if required, proof of address. This quick step is necessary to access all trading features.
3. Add funds
   Go to “Deposit” and fund your wallet with cryptos (USDT, BTC, etc.) or via fiat (credit card, bank transfer, as available). Follow the instructions to finalize.
4. Find the market
   Access “Spot Trading”, search for “XRP” in the dedicated bar, and select the XRP/USDT pair to open the trading interface.
5. Make the purchase
   Choose a market order for an instant purchase or a limit order to set a specific price. Indicate the desired amount, verify, then confirm your transaction.

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