XRP Price Eyes $4.60 Target, Analyst Sees Major Rally

XRP price continued its upward move on July 6, trading above $2.25 for the first time since early Q2. The move followed a sharp increase in trading volume and growing bullish sentiment across the broader market.

In the last 24 hours, XRP surged to $2.26, gaining 1.12%. Its weekly gains now exceed 5%, reflecting renewed interest from both spot and derivatives traders. Market capitalization rose to $133.67 billion, up 1.36%, while volume climbed to $2.7 billion a 126.6% spike.

Crypto analyst Predicts Potential Breakout for XRP Price, Targets $4.60

One crypto analyst, Captain Faibik, suggested that XRP could have a major bullish breakout. In his latest post on social media, Faibik drew attention to the possible upward trend that may be forming on the XRP/USDT chart.

The chart indicates that XRP is sitting in a descending wedge, which is usually preceded by price rallies. Faibik says that XRP is at a point near the resistance line, which means that it might break out.

Provided that this breakout does not fail, XRP may gain a lot. The analyst has placed the next anticipated price mark at the figure of $4.60 which is a signal that the bullish momentum exists.

XRP Derivatives Trading Sees Massive Surge

According to recent data on XRP derivatives, trading activity has surged significantly across key market indicators.

The total trading volume in XRP derivatives increased by 166.50% to a total of $5.05 billion. This significant growth can be well attributed to rising investor interest and market participation.

The open interest that indicates the aggregate value of the outstanding contracts also increased by 5.74% and was at about 4.70 billion. This could indicate that traders are taking more time to hold positions as they expect more in the downward movement.

There was an explosive increase in options trading. The volume of XRP options increased by 133.37 percent and reached the mark of $1800. There were also an increase of 100% in options open interest to reach the current level of $337.71K.

These numbers indicate a sudden increase in the amount of speculative and hedging activity in the XRP derivatives arena.

XRP Price Eyes 30% Breakout as Technicals Point Bullish

The Ripple price is showing early signs of a breakout following a prolonged consolidation near the $2.20 level. Currently, the XRP Price hovers around $2.26, with a 1.12% surge over the past 24-hours. XRP has held its ground above this support, indicating underlying strength in the market.

Technical indicators stand on this point. The Relative Strength Index (RSI) is at 56.41 which shows a middle rate of strength and can grow higher. It is still trading above the mid line meaning that the buyers are still enjoying price advantage.

In the meantime, the Moving Average Convergence Divergence (MACD) has been recently bullish in its cross. The MACD line has crossed above the signal line, which is normally interpreted to be a bullish indication. Moreover, a histogram has changed into green, which indicates increasing bull strength.

The traders are positioning themselves for a major upside with the breakout. The initial key target is at $2.50, and then there is $2.70 and $2.80. The highest long-term target is at $3.00, which, on achievement, means a 32% growth above the current prices.

However, failure to break above $2.40 could push the price back toward support near $2.20. This zone has held strong in recent sessions and may remain a key demand area.