XRP Bulls Set Sights on $2.50 as Market Activity Heats Up

XRP bulls are positioning for a breakout after pushing prices to $2.19 amid surging market activity. With technical indicators showing a potential rally ahead, traders are setting their sights on the $2.50 threshold.

XRP Bulls Strategize to Reach Lofty Targets Amid Market Consolidation

As the cryptocurrency market consolidates, XRP bulls are planning to take advantage of the upturn by targeting even loftier price targets. One XRP coin was trading hands for $2.19, reflecting a 2.46% decrease over the previous 24 hours. As the market went through severe drawdowns last week, XRP saw a large movement, U.Today reports.

After suffering severe losses over the previous week, XRP's price is now hovering around the market's edge. The value of the digital money fluctuated between $2.29 and $2.14 before skyrocketing to its present level.

This correction indicates that sellers in the market are exhausted, which could lead to a rebound. Nonetheless, there is still a considerable distance to cover before the measures validate the ongoing upward trend.

XRP Liquidity Surges with $12.1 Billion in Trading Volume

The XRP market is quite liquid and has a lot of open interest (OI) with a trading volume of around $12.1 billion as of this writing.

How much farther XRP bulls can drive the price up is anyone's guess given the current level of furious trading activity. Additionally, technical indicators point to an impending huge rise. A score of 44 on the relative strength index (RSI) for the XRP/USDT four-hour chart is well below the neutral zone. The selling pressure is nearly depleted, as shown below.

Technical Analysis Highlights XRP Breakout Potential

A configuration that could lead to a coin breakout is the entangled Moving Average Convergence Divergence (MACD) line with the Signal Line. A resurgence to the $2.50 level might be in the cards if these indications dictate future trends.

In the midst of widespread market liquidations last week, XRP managed to weather a big storm. But with the RLUSD stablecoin's recent introduction, the digital currency might get a liquidity boost.

In order to chart a roadmap for XRP's growth, the management of Ripple Labs have detailed how the two assets will work together. The digital currency may soon be able to recapture higher price targets if its usability is improved and it is widely used.