XRP price action signals a potential breakout as it forms a bullish flag, setting the stage for a major move.
After surging 16% on news that Ripple’s SEC case may soon end, XRP retraced below $2.50.
While spot buying dominates, futures traders remain bearish, betting against the rally.
A decisive move above $2.65 could trigger an explosive surge, pushing the top altcoin toward $10.
XRP Bulls Eye $10 As Price Battles Futures Shorts Near $2.65
Bitcoin Ape’s price chart highlights a bullish flag pattern, a classic technical setup that often precedes a strong upward move.
XRP price must close above $2.65 to confirm this bullish structure and continue its uptrend.
A successful breakout from this pattern could lead to a rapid move toward the $3.40 all-time high.
Further supporting this outlook, Velo’s aggregated spot tape CVD turned positive for the first time since January, indicating growing buying pressure.
The last time this metric flipped bullish, XRP price skyrocketed from $1.50 to $3.40. If history repeats, the top altcoin could be gearing up for another parabolic rally.
Futures Market Bets Against the Breakout
Despite strong spot demand, the futures market remains cautious. A negative aggregated premium on open interest suggests traders are shorting XRP price, anticipating a pullback.
This creates a battle between bullish spot traders and bearish futures traders, impacting short-term price movements.
Crypto analyst Dom emphasized that XRP price must hold above $2.50 to maintain its bullish momentum.
A failure to reclaim this level could lead to further declines, possibly testing liquidity around $2 before another attempt at higher levels.
However, if spot traders absorb selling pressure and reclaim key resistance, the top altcoin could be on the verge of a major move.
Key Levels to Watch
XRP price faces immediate support at $2.23. A close below this level would invalidate the bullish structure, potentially pushing prices toward $1.80-$2.
However, a sustained move above $2.65 strengthens the bullish argument and could shift sentiment in the futures market.
CrediBULL Crypto noted that XRP price created a Power of 3 accumulation structure wherein the price first falls to establish low liquidity before rising towards fresh highs.
If so, the altcoin might dip to the lower levels before kicking off the uptrend aiming at the $3 and higher figures.
Could XRP Price Reach $10 Soon?
XRP price struggles with on-demand purchases and more conservative futures purchases.
The $2.65 is crucial for the higher degree as it is an activation point for a significant move higher.
The top altcoin could test $3.40 and even $10 if XRP protects the support level and sentiment turns positive in the future market.
However, a break below $2.23 could lead to further downside before the next breakout attempt.
Ripple may experience slight volatility in the coming week as its case against SEC heads to a decision and as the speculation around a Ripple ETF ramps up.
Major levels of support and resistance should as well be closely monitored as the market forms up for the next big run.
