XRP Skyrockets 10%: What Is Going On?

XRP XRP/USD is up 10%, supported by surging trading volumes and sustained whale accumulation. Analysts and traders say the setup suggests more gains may be on the horizon.

Trader Notes: Crypto chart analyst Ali Martinez pointed out that XRP may be forming a symmetrical triangle pattern, a classic continuation structure. If the pattern plays out fully, he estimates a price target of $15.

Crypto trader DonAlt reminded followers that XRP has already climbed 20% off its recent lows since April 22.

While it's a decent move, he believes it could pale in comparison to what a full breakout might deliver, reaffirming his stance that XRP remains one of the most promising altcoins in this cycle.

Trader Cryptoinsightuk added that XRP has been holding prior range highs as support for 25 weeks, suggesting solid base-building.

The Stochastic RSI is turning upward from oversold, pointing to bullish momentum.

While a bullish weekly RSI crossover hasn’t confirmed yet, a strong close could tip it over the edge.

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With altcoins performing well broadly, there's enough momentum in the market to push XRP into a breakout. If confirmed, the move could mirror or exceed the aggressive rallies seen in November/December.

Statistics: Whale Alert data shows 29.5 million XRP, worth $69.5 million, was transferred from unknown wallet to Coinbase on May 9, while 46.5 million XRP, worth $106.7 million, was exchanged between two unknown wallets.

CoinDesk reports that South Korean traders are piling into XRP and Dogecoin.

On UpBit, XRP/KRW and DOGE/KRW pairs posted over $250M in 24h volume, outpacing both Bitcoin and Ethereum.

Coinglass data shows open interest has climbed around 17% in a single day to its all-time high levels of $5.5 billion, since early February.

XRP derivatives trading volume expanded by 48.5% in a single day. Liquidations in the past 24 hours stand at $15.2 million, with $9 million in short positions indicating traders betting against XRP got caught off guard.

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