XRP price remains above $2.09 after a slight recovery in the last 24 hours, continuing a bullish trend. The cryptocurrency has surged by 4% over the past day. The total crypto market increased 3% and 2% in 7 days. The major assets, such as Bitcoin, Ethereum, XRP, and Solana, registered high gains.
This surge comes ahead of Federal Open Market Committee (FOMC) meeting today. Analysts believe that the Federal Reserve will declare the third rate cut in the year.
Bitcoin price has gained above $92k, and Ethereum price climbed above $3,300. There was also a notable price movement in other coins such as Solana, ADA, and XRP.
XRP Price Forms Triangle Pattern, Poised for Potential 16% Price Move
According to the recent market analysis, XRP price is at present trading in a triangular trading formation. This trend has been noted by chart analyst Ali_charts to indicate that the stock is likely to move by 16% in the near future.
The chart shows the price movement of XRP was a sequence of rising lows and declining highs. This is a sign of indecision of the market because it is hinged on the verge of the triangle, because the Long-term XRP forecast is still bullish. Historically, these patterns frequently represent a breakout or breakdown after the price breaks out of the area of the converging trendlines of the triangle.
XRP Derivatives Market Sees Strong Growth
The derivatives market of XRP has experienced a high growth, with the recent data registering significant growth. The volume increased by 16%, reaching to $5.26 billion, which is an indication of increased activity in the market. The open interest also increased by 2.34 to reach a sum of $3.72 billion, indicating the increase in interest of the investors.
Source: CoinglassThere was also an unprecedented increase in the volume of the options market, where it increased by 241%, registering 4.87K contracts. The interest in options also surged, up 74% to $63.24K, a sign of a busy, and more so active, XRP derivatives market.
XRP Price Faces Crucial Test at $2: Will it Hold or Break Below?
The latest price of XRP traded at $2.08 after a slight recovery. The past several hours’ price action was in a range, where resistance was noted at a level of $2.2 and support at approximately $2.0.
The MACD indicator indicates a positive crossover. This is apparent as shown by crossing of the MACD line above the Signal line, indicating the possibility of an upward momentum.
Source: XRP/USD 4-hour chart: TradingviewThe support at XRP price is at $2.0. In case this level is maintained, then there may be a possible rebound to the $2.2 resistance level. Nevertheless, when the price crashes below $2.0, the price may be moving towards the second support of $1.8.
Source: https://coingape.com/markets/xrp-price-eyes-big-breakout-as-triangle-pattern-signals-16-move/
