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Highlights
- XRP price eyes massive gains as the Taker Buy/Sell ratio shows quick absorption of sold coins as Ripple holds between the $2.30 and $2.60 range.
- Funding rates suggest a mild ongoing short squeeze as short positions build up as funding declines.
- XRP is testing a breakout from resistance at a descending triangle, and if this happens, a 58% rally to $3.40 will be formed.
Ripple (XRP) is still in the early stages of a bull market as data from Binance shows rapid absorption of sell-side pressure. XRP price is up by 20% in the last seven days, and it has overtaken Tether (USDT) to emerge as the third-largest crypto after Bitcoin and Ethereum.
XRP Hits $2.60 Resistance as Binance Data Signals More Gains
Ripple faces strong resistance at $2.60, a price level that it has tested twice in the last two weeks without breaking out. However, Binance futures data shows bulls will continue to dominate as buyers rapidly absorb the sold coins.
For instance, the XRP Taker Buy/Sell ratio has reached 0.91, indicating dominance by short sellers. However, despite traders shorting Ripple aggressively, XRP price continues to hold between the $2.30 and $2.60 range.
Additionally, XRP’s open interest on Binance is rising again after a significant number of leveraged positions were closed last month. In the last six days, the OI has increased by $344 million, signalling renewed retail interest in XRP’s price performance and looming volatility.
The funding rate further makes a bullish case for Ripple, with CryptoQuant analyst BorisVest noting that the metric shows that a mild short squeeze is underway.
XRP’s funding rate has flipped positive again and currently stands at a neutral level, showing there is an equal number of longs and shorts. However, with Binance’s Taker Buy/Sell ratio showing short positions are increasing, it indicates that a short squeeze is looming, which will push the XRP price higher if these positions are closed.
Going by this Binance futures data, it is clear that the ongoing bullish momentum will continue as bulls set their sights on $3 and aim to form fresh 2025 highs.
XXRP ETF Inflows Reinforce Bullish Outlook
The first XRP ETF to launch in the US has surpassed $100M in net assets, further reinforcing the bullish outlook towards Ripple’s price. Teucrium’s XRP leveraged futures ETF (XXRP), which launched on April 8, has attained $117M in net assets and 2.7 million shares outstanding.
The consistent inflows to this product highlight strong institutional buying towards XRP. This product is also playing a key role in absorbing the sell-side pressure from short-sellers, and if retail buyers step in now, it will push Ripple to the next stage of a bull run.
XRP Price Forecast as Bulls Target $3.40
XRP price is showing a strong technical outlook as it holds above a key support level and pushes towards the downward sloping resistance line.
If Ripple can make a higher high and confirm a daily close above this resistance line, it will be a strong bullish signal that will initiate the next run-up to the all-time high price of $3.40.
The ADX line further supports the bullish XRP price forecast as it rises to indicate that the upward trend is strong enough for a breakout from this resistance level. At the same time, the RSI depicts that the momentum around XRP is bullish, and this makes it more likely that Ripple will be one of the altcoins yet to explode towards new highs.
With Binance futures data showing early signs of a bull run amid surging inflows into the first XRP ETF in the US, the XRP price can surge past $3 if it can overcome strong resistance at $2.60.
Frequently Asked Questions (FAQs)
1. Why is XRP’s price gaining today?
2. What does Binance data show about XRP?
3. Can XRP price push past $3?
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