- XRP traders show strong bullish sentiment with 71.54% long positions as technical patterns point to a possible breakout above $2.20.
- The Long/Short Ratio forms a U-shape recovery on Binance Futures as XRP builds momentum after months of price consolidation.
- MACD and Stochastic RSI indicate rising bullish momentum as XRP nears the apex of a triangle pattern, signaling a move toward $6.00.
XRP traders are leaning strongly bullish again, as fresh technical signals suggest a potential breakout. Binance Futures data reveals that 71.54% of traders held long positions as of May 3, with a Long/Short Ratio of 2.51. Meanwhile, on the 3-day chart, XRP hovers around $2.20 and is pressing against a key breakout point. Analysts expect major movement, possibly pushing XRP toward the $6.00 level in the coming weeks. These signals come after months of consolidation, hinting at renewed upward momentum.
Bullish Sentiment Builds Across Futures and Spot Markets
On Binance Futures, XRP’s Long/Short Ratio displayed a distinct U-shaped recovery. It began near 3.10, dipped to 2.30, and rose back to 2.51. This movement indicates strong bullish sentiment, despite short-term fluctuations. Notably, long positions never fell below 60% throughout the entire timeframe. Short interest peaked at 35%, but never overtook longs. Consequently, the market remains tilted toward buyers.
The chart, shared by ali_charts, uses stacked bars and a ratio-tracking line. It shows clear sentiment shifts across the 4-hour timeframe. Despite a temporary decline, traders returned to bullish positions, reflecting confidence in XRP’s upcoming move. Hence, this consistent trend supports broader technical signals pointing to price expansion.
Technical Indicators Signal a Possible Breakout
On KuCoin, the XRP/USDT pair sits at a crucial technical junction. The current price, $2.20, aligns with the apex of a descending triangle. This triangle formed after XRP surged 600% from October to December 2024, moving from $0.53 to above $3.50. Since then, price action has coiled into a consolidation phase, ending near $1.90 support and sloping resistance.
Moreover, technical indicators back the bullish case. The MACD recently flipped green, with a positive histogram value of 0.00722. Additionally, the Stochastic RSI nears a critical cross above 80, signaling strong momentum. These readings indicate possible upside continuation if the price breaks triangle resistance.
Historical moves show XRP tends to rally hard after consolidation. Previous breakouts led to rapid price increases. A breakout now could send XRP toward the analyst’s projected $6.00 target. Moreover, volume is starting to rise, adding further strength to the bullish scenario.
