Ripple's (XRP) Price Prediction: Token Forms Bullish Inverted Head-and-Shoulders Pattern

XRP could surge by 15% to reach the strong resistance level of $0.75 if it closes a daily candle above the $0.65 level.

Ripple's native token XRP is displaying bullish price movements, forming a bullish inverted head-and-shoulders price action pattern, gaining the attention of the crypto community with its bullish outlook. This perspective emerges after a month of continuous struggles and the recent victory against the United States Security and Exchange Commission (SEC).

XRP Price Prediction

As per expert technical analysis, XRP looks bullish as it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame. The asset's price above the 200 EMA hints that it is in an uptrend.

Moreover, XRP has formed an inverted head-and-shoulder price action pattern. According to historical price momentum, if XRP gives a breakout of this price action pattern and closes a daily candle above the $0.65 level, there is a high possibility it could surge by 15% to reach the strong resistance level of $0.75.

The $0.75 level will act as a strong resistance level, as XRP has reached this level three times since 2023, each time facing significant selling pressure. However, a significant rally could follow if XRP manages to break through this level.

XRP's Rising Open Interest

Following this bullish price action pattern, XRP's open interest has skyrocketed by 12%, and it has been gradually increasing, as noted by the on-chain analytic firm CoinGlass. This indicates a growing interest from investors and traders as XRP approaches the breakout level.

At press time, it is trading near $0.63 and has experienced a price surge of over 5% in the last 24 hours. Meanwhile, its trading volume increased by 30% during the same period, indicating higher participation from traders.

Major Liquidation Levels in XRP

As of now, the major liquidation levels are near $0.596 on the lower side and $0.651 on the upper side, as traders have over-leveraged in the last 24 hours, according to CoinGlass data.

If the market sentiment remains the same and the price rises to $0.651, nearly $11.81 million worth of short positions will be liquidated. Conversely, if the sentiment shifts and the price falls to the $0.596 level, nearly $22.90 million worth of long positions will be liquidated.

This shows bulls are back in the action and there is a high possibility that XRP could experience a breakout and reach the $0.75 level.

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