TLDR
- XRP is trading at $2.27, up 4.80% with 24-hour volume of $3.9 billion
- XRP confirmed a breakout from an inverted head-and-shoulders pattern
- SEC approved ProShares XRP Futures ETF, effective April 30, 2025
- Several resistance levels ahead: $2.36, $2.56, and $2.76
- XRP outperformed top 25 altcoins amidst market stagnation
XRP, the fourth-largest cryptocurrency by market cap, is showing strong bullish momentum with a 4.80% gain in the last 24 hours. As of April 28, XRP is trading at $2.27, with an intraday high of $2.29 and a low of $2.17.
Trading volume has surged to $3.9 billion over the past day, indicating increased market activity and investor interest. This uptick in volume suggests both retail and institutional traders are taking positions in XRP.
The cryptocurrency has been trading within a descending parallel channel for several months. Recent price action shows XRP trading just below the upper boundary of this channel at $2.28.
A key technical development is the breakout from an inverted head-and-shoulders pattern. After breaking the neckline around $2.20-$2.25, XRP surged toward $2.27, confirming the pattern and signaling a bullish reversal.
The RSI stands at 59.28, steadily rising from below the 50 level where it hovered last week. This indicates increasing buying pressure while keeping XRP in a bullish zone without approaching overbought conditions.
Technical Indicators Point Upward
The MACD line is now at 0.034, having crossed above the signal line at 0.029, forming a clear bullish crossover. The separation between these lines, along with increasing histogram bars, suggests strong momentum favoring upward price movement.
If the bullish momentum continues, the first target would be $2.36, followed by $2.56 and $2.76 based on Fibonacci levels. A sustained breakout above $2.76 could pave the way for $3.04 and potentially $3.40.
Support levels include $2.17, the psychological level at $2.00, and the lower boundary of the previous channel near $1.85.
XRP has shown resilience by maintaining support near the $2.220 zone and the 50% Fibonacci retracement level of the recent upward move from $2.162 to $2.294.
A connecting bullish trend line with support at $2.240 can be observed on the hourly chart. On the upside, XRP might face resistance near the $2.30 level, with the first major resistance at $2.320.
ETF Approvals Boost Market Sentiment
While Bitcoin and most altcoins remained relatively flat over the weekend, XRP emerged as the top gainer among larger-cap altcoins. The price dipped to $2.16 before shooting up to a multi-day peak of almost $2.3.
The US SEC has granted official approval for the launch of ProShares Trust’s XRP ETF to the public, effective April 30, 2025. This regulatory milestone is expected to increase institutional adoption and trading volumes.
ProShares received approval to launch three Ripple ETFs: Ultra XRP ETF (with 2x leverage), Short XRP ETF, and Ultra Short XRP ETF (-2x leverage). These products are similar to the leveraged XRP ETFs released by Teucrium earlier this month.
Derivative data indicates increased market activity, with a 79.20% surge in volume to $8.35 billion and a 3.82% increase in open interest to $3.99 billion.
Options trading has also seen significant growth, with options volume increasing by 114.52% and options open interest rising by 16.79%. These figures indicate heightened speculative interest in XRP.
The long-short ratios on major exchanges lean heavily bullish. The Binance ratio is above 2.5, and weighted funding rates suggest long positions are being taken more heavily than shorts.
Traders should monitor XRP price actions as changing volatility and liquidity caused by ETF inflows may lead to short-term price spikes. This approval positions XRP alongside other regulated crypto ETFs, potentially making it more attractive for cautious investors.
The recent price movements and technical indicators suggest XRP may continue its upward trend, with several key resistance levels ahead that could be tested in the coming days.
