The post XRP price bounces back – Will it break $2.50 and ignite a rally? appeared on BitcoinEthereumNews.com.

XRP exhibited strong potential to break $2.50, backed by resilient price action and support levels Bullish sentiment grew on the back of a 72.28% long position ratio and strong derivatives activity XRP recovered well on the price charts after its recent bout with volatility, with the altcoin sparking traders’ interest. At press time, XRP was trading at $2.45, following a hike of 2.14% in the last 24 hours. Hence, the question – Will XRP be able to break the $2.50 resistance level and trigger a rally? With key levels in play, especially given the formation of a bullish pattern, there is a growing expectation of further upside potential. Can XRP continue its uptrend? XRP, at the time of writing, was forming an inverted head and shoulders pattern – A classic signal of bullish momentum. The pattern consists of three significant points – The left shoulder, the head, and the right shoulder. The head was formed at the $1.99-level, while the right shoulder occurred near $2.20. The neckline, which plays a critical role in confirming this pattern, lay at $2.45. A break above this neckline could open the door for a move towards $2.60 and possibly higher. If the price pushes through $2.50, the rally could extend further, with potential resistance near $3.00. Source: TradingView What does the long/short ratio say about XRP’s future? The long/short ratio positions on Binance Futures lent another key insight into market sentiment. At press time, a remarkable 72.28% of traders held long positions, indicating strong bullish sentiment. What this means is that a majority of traders believe XRP’s price will continue to rise.  In fact, only 27.72% of traders are betting on a short-term decline. This ratio is a sign of the growing confidence in XRP’s potential to break through resistance levels. Therefore, bullish sentiment…

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Filed under: News - @ March 25, 2025 6:22 am