Analyst Predicts XRP Could Rise to $2.4 Amid Bullish Sentiment

XRP has surged by 20.7% in seven days as demand for the altcoin recovers.

Over the past week, Ripple (XRP) has made a strong upswing on its price charts. The altcoin surged from a local low of $1.6 to a high of $2.2.

Currently, XRP is trading at $2.13, marking a 20.73% gain over the past week. Daily charts also show significant gains.

Trade volume has spiked by 42.18% to $10.12 billion, while options volume surged by 204% to $3.49k. Furthermore, the altcoin’s Options Open Interest increased by 87.5% to $486.6k.

The recent price increase has analysts optimistic about a strong upward movement. Analyst Ali Martinez predicts a potential rally to $2.4, noting that XRP is currently trading within an ascending triangle, which typically indicates bullish continuation.

Martinez identified key resistance around $2.22; breaking above this level could trigger significant upward momentum toward $2.40.

Can XRP Sustain Gains?

AMBCrypto’s analysis shows that XRP is experiencing strong upward momentum driven by growing bullish sentiment. Even with a slight drop over the past day, XRP’s DEX buy-sell ratio remains above 1, currently at 1.5. This means for every sell order, there are 1.5 buy orders, indicating stronger buying pressure.

Positive funding rates over the past five days suggest that investors are bullish and taking long positions. The increase in buy orders and rising options volume indicates significant bullish sentiments within the market.

Additionally, XRP’s Exchange Supply Ratio has decreased to 0.02743, implying that fewer XRP tokens are being sent to exchanges for sale, which typically reduces selling pressure and supports price stability.

In summary, XRP is benefiting from favorable market conditions and could reclaim the $2.2 resistance level. A breakout above this could lead to a target of $2.5. However, a pullback at $2.2 may see XRP retrace to $1.9.