- XRP dropped 5.20% to $2.15 after peaking at $2.30 during Wednesday’s recovery.
- Open Interest fell 7.58% to $3.82B, with $11.67M in longs liquidated within 24 hours.
- A falling wedge pattern indicates a potential bullish reversal, with price targets ranging from $2.6382 to $3.8767.
XRP, the cryptocurrency associated with Ripple’s ecosystem, is navigating a sharp pullback just a day after climbing to notable highs. Following Wednesday’s crypto-wide recovery, XRP mirrored Bitcoin’s rally and reached a session peak of $2.30. But the rally didn’t last. By Thursday, XRP had slumped to $2.15, marking a 5.20% loss in a single day.
The temporary surge followed softened rhetoric from United States President Donald Trump, who called for Federal Reserve Chair Jerome Powell to take proactive steps including interest rate cuts. In addition, Trump struck a hopeful note on trade negotiations with China, suggesting tariff relief may precede a full agreement within two years.
Meanwhile, XRP’s Open Interest took a hit. Data from Coinglass shows that OI dropped by 7.58%, sliding to $3.82 billion over the last 24 hours. This comes as long positions worth $11.67 million were liquidated, compared to only $1.70 million in short positions, indicating that traders who had bet on price increases were forced out of the market.
XRP Weakens but Setup Looks Bullish
Fewer traders seem willing to keep their money in play. The 24-hour long/short ratio stands at 0.9372, with trading volume decreasing by 17.27% to $9.03 billion. These numbers suggest a dip in momentum and an increase in caution. As selling pressure intensifies, XRP could fall below critical support levels and risk deeper losses in the short term.
Despite the prevailing bearish sentiment, chart analysts are pointing to a potentially brighter outlook. One from Rose Premium Signals draws attention to a falling wedge pattern on XRP’s weekly chart, a formation often linked with bullish reversals. The price recently reached the lower edge of the wedge, indicating early signs of a potential upward breakout.
The suggested buy zone ranges from $2.00 to $2.10. If XRP confirms a breakout and then successfully retests the support, the bullish reversal could be validated. According to the analyst, price targets of $2.6382, $3.3713, and $3.8767 could be reached in the mid-term if upward momentum holds.
Bold Forecasts Emerge Amid Optimism
Though the technical setup looks promising, analyst from Rose Premium Signals cautions against expecting immediate gains. A pullback may happen before the trend fully reverses. This would test the strength of the breakout and help establish a more solid base for further gains.
Beyond the conservative targets, some in the community have floated far bolder predictions. These projections suggest prices could reach $33, $50, or even as high as $77 to $100, according to technical models like the “cup and handle” pattern.
Whether these figures materialize or not, the market’s current behavior suggests investors are split between caution and cautious optimism. The next few days could decide which direction XRP takes, as it balances near-term volatility with long-term potential.
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