Ripple (XRP) Price Looks Prime to Parabolically Run Towards $3 This Week

Ripple (XRP) price looks prime to parabolically run towards $3 this week amid a massive bull pattern that has seen whales open long positions

Ripple (XRP) price is showing promising signs of a parabolic run towards $3 this week amid a massive bull pattern that has seen whales enter long positions. These bullish signs follow a notable 10% surge in just one week that saw XRP hit a monthly high of $2.47.

At press time, Ripple trades at $2.38 with an intrada y loss of about 1% as Bitcoin and most altcoins went quiet after the US-China trade talks. However, two key metrics explain why XRP may outperform the rest of the crypto market in the next seven days.

XRP Price Targets $3 This Week As Bullish Pattern Emerges

According to the latest cryptocurrency price prediction by TechNewsProgle, XRP price is currently showing signs of a 36% increase from its present price, potentially pushing it past $3 towards previous highs. This potential surge is depicted in an inverse head and shoulders pattern, which usually signals that a trend is about to change from a downtrend to an uptrend.

As the chart highlights, XRP price has already managed to overcome resistance at the neckline of this bullish pattern, and this suggests it may be ready for the next bullish leg above $3 to $3.04. If it reaches this target level and extends the upward trend, the prior ATH of $3.40 may be in sight.

Moreover, Ripple’s RSI stands at 61, which implies that despite the XRP price rally hitting the $2.40 barrier and encountering rejection, it is still in bullish momentum. The MACD line is also seen forming higher highs since crossing above the zero line, which is a confirmation that bulls are in control and the momentum is increasing.

The above bullish pattern indicates that Ripple price may reach the highly coveted $3 target before the end of the week as buying momentum rises. However, this upswing is contingent on defending the support of $2.23, as failing to do so may cause a bearish Ripple outlook and stir a bearish reversal.

Whale Opens $5M Ripple Long Position With 2x Leverage

On-chain data reveals that whales are betting that the XRP price will extend the upward momentum and potentially lock in new highs before the end of the week. According to HyperLiquid data, one large address recently deposited $5.84M USDC tokens and opened a new 2x long position on Ripple with 2x leverage.

The newly opened position suggests that whales anticipate that Ripple has bullish potential to extend its 10% weekly gain and potentially surpass $3 in the near term.

In addition, data from Coinglass reveals that a majority of traders have opened new positions on Ripple, further highlighting that a bullish sentiment is in play. According to the long/short ratio, 74% of traders on the Binance exchange are long buyers, and this supports the thesis that a majority of traders are anticipating further upside.

Therefore, considering the bullish head and shoulders pattern on the XRP daily price chart and the influx of long positions towards Ripple, it is likely that the token will surpass $3 and potentially head to all-time highs this week. If such an uptrend happens, Ripple will easily outperform the rest of the cryptocurrency market.

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