XRP news: Price hits $2.65 as short liquidations fuel breakout momentum
XRP trades above $2.65 as spot and derivatives markets signal breakout continuation
XRP extended its bullish rally on Friday, reaching as high as $2.65 after clearing key resistance levels with conviction. The move comes amid a broad surge in both spot and derivatives markets, supported by rising open interest and a sharp increase in trading volume.
Highlights
- XRP climbs to $2.65 after clearing key resistance with no signs of exhaustion
- $19.63 million in short liquidations and a 54.57% jump in volume confirm bullish momentum
- Eyes now on $2.85–$3.00 as bulls defend $2.55 support cluster
Technical indicators continue to support the breakout narrative, with traders eyeing higher targets near $2.85 and $3.00 if momentum holds.
XRP price dynamics (Source: TradingView)
On the daily chart, XRP has firmly broken above a descending trendline that had previously capped upside since April. Price reclaimed the $2.50–2.60 supply zone and is now consolidating near $2.65 with no major signs of exhaustion. The Chande Momentum Oscillator is deep in overbought territory at 83, underscoring strong bullish pressure. The structure remains intact as long as XRP stays above the $2.50 support band.
Derivatives market shows heavy long bias
On-chain and derivatives metrics further validate the bullish case. According to Coinglass, open interest surged 11.68 percent to $6.42 billion, while trading volume jumped 54.57 percent in the past 24 hours. Binance's long-to-short ratio stands at 2.05, suggesting that sentiment among top traders remains heavily skewed toward long positions.
Liquidation data shows $19.63 million in short positions were wiped out in a single day, hinting at a classic short squeeze dynamic. This often fuels further price continuation, especially when accompanied by rising open interest. The data suggests that bears are being forced out of the market, adding pressure to the upside.
Technical structure favors continuation
Short-term charts reflect a strong trend. On the 4-hour timeframe, XRP is riding the upper Bollinger Band, while all major EMAs are stacked bullishly beneath price. The RSI is approaching overbought levels at 70, and MACD remains in positive territory, showing that buyers are still in control. A brief pullback toward $2.60 or $2.55 could provide support for the next leg higher.
Previously, we noted XRP’s reclaim of the $2.50 mark as a structural turning point. This latest rally confirms that bullish momentum remains dominant. A sustained break above $2.65 would likely target $2.85 and potentially the psychological $3.00 mark.
