NOIDA (CoinChapter.com) – XRP price has recently shown signs of bullish momentum fueled by Ripple’s strategic expansion into global markets. As Ripple strengthens its international presence, XRP price action reflects growing investor confidence.

The latest technical indicators suggest that XRP is gaining the momentum needed for a potential rally, building on the optimism surrounding Ripple’s broader adoption efforts.

As bullish patterns form on the charts and market sentiment changes, the XRP price could benefit from these positive developments and potentially trigger a significant upside move soon.

XRP futures indicators signal bullish momentum

The recent price action of XRP shows a clear uptrend, supported by key futures market indicators.

Over the past few days, the open interest (OI) in XRP futures has been steadily increasing and has exceeded $700 million. This increase in OI indicates that traders are actively positioning themselves in the market and are likely anticipating a significant price movement.

The OI-weighted funding rate remained mostly positive throughout August, adding to the bullish sentiment. A positive funding rate means that longs are paying the shorts, indicating that traders expect the XRP price to rise. The steady increase in OI and a positive funding rate signal growing confidence in XRP’s upside potential.

Furthermore, the stabilization and subsequent increase in OI and funding rates in August indicate a change in market sentiment. Traders now seem more confident that XRP is trending upwards.

The combination of rising OI and continued positive funding rates suggests that XRP is poised for an upward move. Traders are accumulating long positions, indicating strong expectations for further price increases.

Technical pattern complements the bullish signals

The trading pair XRP/USD has a “ascending triangle,’ a bullish technical pattern that often indicates a possible upside move.

The pattern occurs when a horizontal resistance line connects swing highs while an ascending trend line connects higher swing lows. This configuration indicates increasing buying pressure as the price approaches the resistance level.

The importance of this pattern lies in its breakout potential. An increase in trading volume as the price approaches the resistance level usually confirms the likelihood of a breakout above it.

The ascending triangle formation suggests that buyers are gaining strength, and a successful breakout could lead to further upside momentum for XRP. This technical configuration provides a clear framework for assessing potential price movements in the near future.

In technical analysis, the price target for a breakout from an ascending triangle is calculated by measuring its height and projecting it from the breakout point. For XRP, this calculation suggests a price target of around $1.61, which represents a 165% increase from current levels.

XRP is currently testing the upper trendline resistance of the pattern.