XRP Price Analysis: Will XRP Price Hit $3?

With a bullish inverse head and shoulders pattern and a buildup of long bets, the price of XRP is expected to reach $3 this week.

Key Takeaways:

• This week, the price of vXRP anticipates a surge beyond $3 due to the emergence of an inverted head and shoulders pattern.
• After a whale initiated a $5.83 million long position on XRP, bullish sentiment is also growing around Ripple.
• The fact that 74% of Binance traders have long positions in Ripple shows that there is hope that this altcoin will continue its upward trajectory.

With a huge bull pattern that has seen whales open long bets on the altcoin, the price of Ripple (XRP) appears poised for a parabolic run towards $3 this week. These encouraging indications come after XRP had a noteworthy 10% increase in a single week, reaching a monthly high of $2.47.

After the US-China trade discussions, Bitcoin and most other altcoins cooled off, and Ripple is currently trading at $2.38, down about 1% on the day. Nonetheless, XRP might beat the rest of the cryptocurrency market during the next seven days, according to two important criteria.

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This Week, the XRP Price Aims for $3 Due to the Emergence of a Bullish Pattern

It is possible that the price of XRP might rise by 36% from its present level, causing it to surpass $3 and return to its all-time high. The possible surge is shown by an inverse head and shoulders pattern, which typically indicates that a trend is likely to shift from down to up.

The fact that XRP has broken over the resistance at the bullish pattern’s neckline indicates that it might be prepared for a new leg of gains beyond $3 to $3.04 as of this writing. The previous all-time high of $3.40 might be within reach if it reaches this level and continues to rise.

The relative strength index (RSI) for Ripple is 61, which means that the positive momentum is still holding even if the XRP price surge has broken the $2.40 barrier. The MACD line has been making higher highs ever since it crossed above the zero line, which is more evidence that the bulls are gaining ground.

If buying pressure continues to build, the above bullish pattern suggests that Ripple price might hit the $3 mark before the week is over. The protection of the $2.23 support level is crucial to this rebound, as its loss can lead to a pessimistic view of Ripple and trigger a negative reversal.

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Using 2x leverage, Whale Opens $5 Million Ripple Long Position

Whales are placing bets on whether the XRP price will continue its recent upward trend and maybe reach new highs before the week comes to a close, according to on-chain statistics. The HyperLiquid platform saw a huge address deposit $5.84M USDC tokens, and the address then opened a long position on XRP with 2x leverage.

In light of the freshly started position, it appears that whales believe Ripple has the positive potential to continue its 10% weekly increase and maybe go beyond $3 soon.

Further evidence of the bullish mindset is the fact that most traders have opened fresh positions on Ripple, according to data from Coinglass. The long/short ratio on the Binance platform shows that 74% of traders are long purchasers, which lends credence to the idea that most traders are expecting prices to continue rising.

Based on the bullish head and shoulders pattern on the XRP daily price chart and the increasing number of long positions in Ripple, it is highly probable that the token will rise above $3 and possibly reach new records this week. If this upward trend continues, Ripple will far exceed its cryptocurrency market competitors.

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Will XRP Price Hit $3?

The recent 10% seven-day advances in the price of XRP suggest that it could approach $3 this week. A bullish head and shoulders pattern and the flood of long positions indicate a strong bullish sentiment, which will impact this upswing.

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