XRP price dips 0.7%, but sentiment remains positive as 70% of traders are long

The XRP token experienced a slight decrease of 0.7% in the last 24-hour trading session, trading at $2.20 at the time of writing. Despite this minimal price movement, the sentiment within the market is predominantly positive.

According to data from Coinglass, 71% of traders on Binance are in long positions, reflecting general optimism toward XRP. Open interest in XRP has also risen to a staggering $3.75 billion, showcasing heightened market involvement. However, this growth in leverage also comes with higher risk, as demonstrated by a recent 1000% liquidation imbalance when the price dipped to $2.13.

The XRP price has been trading between the range of $2.19 and $2.25 since the start of the month. While the limited movement suggests a period of consolidation, technical analysts observe a symmetrical triangle pattern on the four-hour chart, potentially indicating a bullish continuation.

Breakout on the Daily Chart Suggests Bullish Potential

Recent analysis indicates that XRP has broken out of the symmetrical triangle on its daily chart. This breakout could point to a target of $2.50. Increased volume and a positive Relative Strength Index (RSI) further support the possibility of an upward trend. However, analysts warn that resistance around the $2.50 mark may present a challenge.

Now, XRP is testing the upper trendline of this symmetrical triangle, located at $2.21, which has also functioned as resistance in the past. A close above will have further upside potential, with the subsequent resistance area of about $2.30 serving as the area that will be crucial in confirming any breakout.

The symmetrical triangle implies that the market is balanced, with the price likely to break in either direction. Historically, breakouts in such patterns have resulted in steep price movements. If the present upward trend continues, experts estimate XRP may remain firm up to Q1 of 2025, possibly breaking the $3.77 level. A breakdown below yesterday's low may indicate a bearish turn.

XRP Faces Crucial Price Levels Ahead of $2.50

XRP is trading above both the 50-day and 100-day Exponential Moving Averages (EMA), serving as strong support at $2.20. The Moving Average Convergence Divergence (MACD) indicator even triggered a bullish crossover on April 12, making the argument for breaking above stronger.

Ripple is approaching the top of its symmetrical triangle on the four-hour chart. Traders are watching the $2.24 resistance point closely, with the $2.30 break-or-fade point representing a key juncture. A good close above $2.30 may presage an 11% advance to the zone of interest at $2.50.

There is caution as the RSI is still in the below-50 bearish pressure area. The SuperTrend indicator has given a sell signal, indicating that profit-taking will reduce momentum at key resistance points of $2.50 and $2.80. Traders should be on the lookout as Ripple tests these tough points.