BULLISH 📈 : Analysts predict XRP price surge amid negative funding rates

Crypto analyst Cryptoinsight highlights significant movements in XRP's funding rates and spot volume, influencing its price action. Key points include:

XRP's price recently dropped below the $2 level.
Open interest is rising, with funding rates turning heavily negative.
Increase in spot volume coincides with XRP hitting year-long support at approximately $1.8, forming a bullish divergence on the 4-hour chart.
A potential bounce from current levels could lead to a short squeeze, pushing prices higher.
Negative funding rates suggest a possible reversal; similar patterns have occurred twice since 2024, leading to rebounds.

Importance of Monthly Close Above $1.91

Analyst ChartNerd emphasizes the need for XRP to close above the monthly 20 EMA at $1.91 to avoid further declines.
XRP has broken out of a 3-week falling wedge resistance, potentially targeting $2.40, despite facing resistance between $2.13 and $2.20.
XRP's fractal suggests a potential rally to $27.

Currently, XRP trades around $1.90, up over 2% in the last 24 hours.

XRP