The crypto market saw a notable inflow during Friday’s US market session. Bitcoin projected another attempt at $100,000. Most major altcoins including, were quick to follow this momentum, exhibiting a strong rally to resume the current uptrend. XRP price offers a bullish breakout of the $1.63 resistance, signaling the potential for a new rally.
Currently, Ripple crypto price is trading at $1.68 with an intraday gain of 1.4%. According to Coinmarketcap, the market capitalization of XRP stands at $96 billion, return BNB coin to acquire the position of 5th largest cryptocurrency.
- XRP price breakout from the pennant pattern signals a potential rally to $2.
- Fibonacci Extension Tool Highlights Key Resistance Level at $
- Derivatives market data shows investor confidence in an extended rally.
XRP Price Eyes $2 After Key Breakout
As Cryptonews predicted, XRP price managed to give a decisive breakout from a bullish pennant pattern. On November 27, the coin’s price flipped the triangle resistance into suitable support, thereby strengthening the buyers in resuming its dominant uptrend.
The rally following the breakout sent the asset up 16.8% and past the last high of $1.63. According to the Fibonacci extension tool, XRP price could lead to another 15% rise to reach 0.618-FIB at $2.
An extended rally could push the 1-FIB asset to $2.4 by December 2024.
However, the Ripple Cryptocurrency has recorded a remarkable 235% month-to-date (MTD) growth, which has pushed the RSI momentum indicator to an 88% overbought region. As the trend remains the same for a financial asset, the price of XRP is about to experience a temporary pullback and allows buyers to resume bullish momentum.
XRP price targets $2 after a bullish breakout, with 15% rally potential. The derivatives market is reporting strong interest.
Derivatives Market Shows Recovery Potential for XRP
Following the price rally, XRP Futures Open Interest saw an extraordinary increase from $681 million to $2.27 billion, a staggering 233% increase. This significant growth indicates increased trader activity and increased speculation in the derivatives market, signaling strong market interest and potential bullish momentum for XRP.
Additionally, XRP’s weighted open interest (OI) funding rate climbed to 0.04%, reflecting positive trader sentiment in the futures market. A higher funding rate generally indicates that long positions dominate, suggesting that traders are willing to pay a premium to maintain bullish positions.
With XRP price poised for an occasional pullback, the derivatives market is showing potential for a prolonged uptrend.