XRP Skyrockets 8%: How High Can It Go?

XRP XRP/USD has surged 8% in a single day, sparking renewed optimism among traders who now eye a breakout toward the $2.70 level.

Trader Notes: Crypto chart analyst Ali Martinez pointed to an inverse head-and-shoulders pattern forming on XRP's chart, a classic setup that often signals a bullish breakout.

According to Martinez, this could push XRP toward $2.70 in the near term.

Crypto trader Dark Defender observed that XRP may be completing its Wave 4 correction, with recent price action aligning almost perfectly with his Elliott Wave projections.

The reversal at $2.1937 is exactly at the top of a smaller wave structure which adds confidence to his bullish thesis.

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He notes that XRP could be ending a prolonged six-year consolidation range between $0.30 and $0.50, setting the stage for steeper upside.

On shorter timeframes, he expects three more waves to unfold and identifies $1.8815 as a crucial support to hold.

The key resistance levels to break are $2.222 and $2.40. The setup suggests XRP is closer to “an extreme bull run”, he added.

Statistics: Coinglass data shows XRP derivatives trading volume and open interest spiked 115.3% and 23.2%, respectively, in a single day.

Liquidations totaled $13.01 million, with $9.96 million in shorts closed as prices climbed, pointing to a potential short squeeze and improving market sentiment.

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