Key Notes
- XRP price has reclaimed key moving averages, including the 200-day EMA, and is eyeing the next potential move to $2.70.
- Analysts point to bullish structures on the XRP/BTC pair, including a potential flag breakout.
- US spot XRP ETFs continued to attract strong inflows through December and early January, with net AUM now hitting $1.65 billion.
XRP
XRP
$2.37
24h volatility:
11.2%
Market cap:
$144.02 B
Vol. 24h:
$8.17 B
is stealing the limelight with a 13% upside in the last 24 hours and moving to $2.4 levels. Technical charts show strength supporting a broader crypto market rally, suggesting strong bullish sentiment among traders. Furthermore, strong inflows in spot XRP ETFs throughout December offer fundamental strength to the altcoin.
XRP Price Breakout Shows Next Move to $2.70
The daily XRP price chart shows a bullish reversal after breaking out of a falling wedge pattern. According to the image below, this pattern, which developed over several months, shows XRP posting progressively lower highs and lower lows inside a narrowing price channel.
XRP price falling wedge breakout | Source: TradingView
This structure suggested waning downside momentum as selling pressure gradually weakened. In early January, XRP moved above the wedge’s upper trendline in the $2.05–$2.10 range. Since then, the bulls have been showing strength for further upside.
Following the breakout, XRP has successfully reclaimed short- and medium-term moving averages, at 20-day and 50-day EMAs. As of today, it has also reclaimed the 200-day EMA, which is currently at $2.35. This has opened the gates for a further upside to $2.70, with another 10-15% upside from here.
The daily trading volume for XRP has surged by 114% to $7.33 billion, showing strong bullish sentiment. According to CoinGlass data, the XRP futures open interest has surged by 23% to $4.71 billion.
XRP Price to Outperform BTC Soon
The Ripple cryptocurrency could soon outperform Bitcoin if it breaks above a key technical resistance on its XRP/BTC trading pair, according to crypto analyst Chart Nerd.
The XRP/BTC pair shows the chances of a breakout with a flag-and-pole formation. Thus, a breakout from this pattern could trigger another 30% upside from here.
XRP may be on the verge of a major relative strength shift against Bitcoin, according to crypto analyst The Great Mattsby. In a recent market commentary, the analyst highlighted that the XRP/BTC chart is approaching a technical milestone not seen in several years. Specifically, XRP is close to breaking above the monthly Ichimoku cloud for the first time since 2018.
A confirmed move above the Ichimoku cloud on the monthly timeframe is widely viewed as a long-term bullish signal. The analyst said such a breakout would suggest a structural trend reversal and could mark the beginning of a period in which XRP significantly outperforms Bitcoin
BTC
$93 541
24h volatility:
1.1%
Market cap:
$1.87 T
Vol. 24h:
$51.35 B
.
XRP ETFs Continue to Show Strength
US-listed spot XRP exchange-traded funds (ETFs) continued to attract capital through December, despite the selling pressure. On Jan. 5, the net inflows across four US ETF issuers were $46 million, with total net inflows crossing $1.23 billion, according to data from SoSoValue.
Total assets under management across XRP ETFs now stand near $1.65 billion. Although daily inflows have moderated from early-December highs, the products still drew approximately $478 million over the course of the month. This shows sustained institutional demand for the Ripple cryptocurrency.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar on X
Source: https://www.coinspeaker.com/xrp-price-jumps-13-crypto-market-rally-bullish/
