XRP Price Surges 12% as Bullish Pattern Emerges

XRP Price Eyes $3.60 Resistance Amid Ripple SEC Win

XRP price gained 12.87% over the past week and is currently trading at $3.33, following a strong bullish engulfing candle on the weekly chart. The Ripple token is now trading near a critical resistance zone, as momentum builds across spot and derivatives markets.

Altcoin derivatives data supports the upward trend, showing a 195.75% increase in trading volume, reaching $18.22 billion. 

Open interest climbed 20.46% to $8.79 billion, while options volume surged 1361.14%, with open interest in options rising 66.42% to $1.53 million.

XRP Price Weekly Technical Setup Signals Uptrend Continuation

XRP price bullish engulfing candle surpassed the prior week's bearish range and marked a potential reversal signal on the weekly timeframe. 

Altcoin Price currently trades above all major weekly exponential moving averages, with the 20 EMA located at $2.5841.

XRP weekly analysis : Source : TradingView

Relative Strength Index moved to 64.15, a sign of strength, while the Awesome Oscillator changed to green with a reading of 0.6118. 

These indicators show a powerful bullish trend, which affirms momentum following a series of weeks of price consolidation.

Additionally, the 4-hour chart showed a double bottom pattern that has been confirmed by a neckline breakout above $2.97 with the resistance levels breached at $3.00 and $3.1850. 

At press time Altcoin price is consolidating at around $3.33, which is currently serving as support in this stage of the breakout.

XRP 4-hour Double Bottom : Source : X

Moreover, this period recorded a volume of over 300 million, which indicated that there was high participation and a high flow of buyers at higher price points. 

Analyst EGRAG indicated that the key Altcoin price upside targets were $3.45 and $3.60.

Meanwhile, in the last 30 days, XRP is up 43%, with the lowest price standing at $2.24 and the highest price of $3.66. 

Stability above $3.20 remains essential to sustain the bullish structure and prevent downside pressure.

Institutional Interest on ETFs Rises with Ripple Vs SEC Legal Win

The bullish narrative is backed by long/short positioning. XRP/USDT long/short ratio among accounts on Binance is 2.0321, whereas the positions of the top traders demonstrate the ratio of 2.759.

Over the past 24 hours, $27.24 million worth of positions were liquidated, with $20.58 million of that coming from shorts and $6.66 million out of longs, implying high upwards pressure. 

In other news, Ripple and the U.S. SEC formally ended their years-long court battle by mutually dismissing their appeals. This decision eliminates one of the greatest impediments that had limited the wider use of the asset in the U.S. markets.

As a result, the legal certainty has prompted new interest in an Altcoin exchange-traded fund. Although companies such as Bitwise and Grayscale have already filed, BlackRock is yet to join the competition.

Analyst Nate Geraci speculated the firm might be looking to wait on an ideal regulatory window to file. He observed that BlackRock usually tends to wait till the timing is right to venture into competitive ETFs.

Altcoin price is in a good position due to the ETF speculation, an increasing trading volume and a healthy technical framework.