Ripple (XRP) price looks prime for a parabolic run towards $3 this week amid a massive bull pattern that has seen whales open long positions on the altcoin. These bullish signs follow a notable 10% surge in just one week that saw XRP hit a monthly high of $2.47.
At press time, Ripple trades at $2.38 with an intraday loss of around 1% as Bitcoin and most altcoins cooled down after the US-China trade talks. However, two key metrics explain why XRP may outperform the rest of the crypto market in the next seven days.
XRP Price Targets $3 This Week As Bullish Pattern Emerges
XRP price eyes a 36% increase from its current price, which may push it past $3 towards previous highs. This potential surge is depicted in an inverse head and shoulders pattern, which usually signals that a trend is about to change from a downtrend to an uptrend.
At press time, XRP had overcome resistance at the neckline of this bullish pattern, and this suggests it may be ready for the next bullish leg above $3 to $3.04. If it reaches this target level and extends the upward trend, the prior ATH of $3.40 may be in sight.
Ripple’s RSI stands at 61, indicating that despite the XRP price rally hitting the $2.40 barrier, it is still under a bullish momentum. The MACD line also continues to form higher highs since crossing above the zero line, which is also a confirmation that bulls are gaining strength.
XRP/USDT: 1-day Chart
The above bullish pattern indicates that Ripple price may reach the highly coveted $3 target before the end of the week as buying momentum rises. However, this upswing is contingent on defending the support of $2.23, as failing to do so may cause a bearish Ripple outlook and stir a bearish reversal.
Whale Opens $5M Ripple Long Position With 2x Leverage
On-chain data reveals that whales are betting that the XRP price will extend the upward momentum and potentially lock in new highs before the end of the week. A large address recently deposited $5.84M USDC tokens on the HyperLiquid platform and opened a long position on XRP with 2x leverage.
$5M XRP Whale Position
The newly opened position suggests that whales anticipate that Ripple has bullish potential to extend its 10% weekly gain and potentially surpass $3 in the near term.
In addition, data from Coinglass reveals that a majority of traders have opened new positions on Ripple, further highlighting that a bullish sentiment is in play. According to the long/short ratio, 74% of traders on the Binance exchange are long buyers, and this supports the thesis that a majority of traders are anticipating further upside.
XRP Long/Short Ratio
Therefore, considering the bullish head and shoulders pattern on the XRP daily price chart and the influx of long positions towards Ripple, it is likely that the token will surpass $3 and potentially head to all-time highs this week. If such an uptrend happens, Ripple will easily outperform the rest of the cryptocurrency market.
The post Can XRP Price Reach $3 This Week? Bullish Pattern Emerges as Whale Opens $5M Long Position appeared first on CoinGape.
