Last week's recovery run in the crypto market took a pause, yet XRP price saw an upward breakout, hitting the $0.65 mark.
XRP Breakout Struggle
On Saturday, XRP price surged by 4.39%, breaking above a long-term resistance trendline. The bullish momentum continued on Sunday with a 4.37% rise, hitting a 24-hour high of $0.6650. Currently, XRP is trading at $0.6462, with a 0.76% intraday gain. The three-day recovery run forms three consecutive green candles, or a triple white soldier pattern. Surpassing the overhead trendline, the recovery run also exceeds the 61.80% Fibonacci level at $0.63351. This marks a key breakout from the supply zone that provided four bearish setbacks over the past two months. With a successful V-shaped recovery, the bullish run in XRP price is gaining momentum.
XRP Derivatives Interest Up
With the SEC appeal deadline approaching, optimism among XRP holders and the broader market grows. One reflection of the bullish sentiment is XRP's open interest crossing the $1 Billion mark, according to Coinglass. Additionally, confidence among top traders on Binance has soared. Based on the long/short ratio in the XRP/USDT futures market, a 1.70 account ratio and a 2.20 position ratio indicate a bullish phase.
Will XRP Hit $0.81?
The bullish breakout of the 61.80% Fibonacci level increases the chances of a further run to the 100% Fib level at $0.81. Support for the uptrend comes from a bullish trend in the MACD and signal line, along with a positive alignment of the crucial EMAs. However, a broader market slowdown or an appeal from the SEC could undermine the recently surged optimism in XRP.
Keep an eye on market developments to see if XRP can reach the $0.81 mark soon.
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