- XRP surged 20% post-breakout from a long-term symmetrical triangle pattern.
- $XXRP ETF jumped 55% weekly, showing rising institutional investor interest.
XRP has officially broken out of a prolonged symmetrical triangle, sparking renewed bullish momentum in the market. Crypto analyst Captain Faibik confirmed the breakout of XRP from a symmetrical triangle.
The pattern had persisted for several months, and the breakout marks a change in market structure. According to Faibik, the breakout triggered a 20% price rally, supported by strong momentum.
XRP now trades at $2.80, having rebounded from an intraday low of $2.70. Based on the height of the triangle, the projected price target stands near $4.60. This level is being closely watched as the next major resistance zone.
Technical indicators support the bullish outlook, with volume and price both increasing. The initial breakout was clean, showing confirmation above the descending trendline. This suggests a sustained move rather than a false breakout.
XRP ETFs Surge in Volume as $XXRP Leads the Pack
Exchange-traded funds linked to XRP are showing a dramatic spike in activity. Bloomberg analyst Eric Balchunas reported that trading volume in XRP ETFs jumped 4 to 5 times above average. This surge reflects strong investor interest following XRP’s breakout.
The leveraged 2x ETF, $XXRP, has gained 55% in the past week. On a single day, it jumped 27%, pushing total volume to $120.47 million. Charts show a parabolic price move alongside a sharp volume breakout, indicating institutional participation.
This momentum in ETFs adds weight to the bullish scenario. Traders view the ETF activity as a sign of increasing market confidence in XRP. The correlation between spot price action and ETF volume reinforces the breakout narrative.
At press time, XRP is trading at $2.80, up 1.26% in the last 24 hours. It is consolidating gains while holding key support. Analysts continue to watch for volume confirmation and price strength as the asset targets $4.60 in the near term.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
