- XRP price target $3.29 in focus as analysts point to strong accumulation by investors now
- Bullish XRP momentum builds; break of key resistance critical for $3.29 price move today
- XRP technicals show strong buying pressure; analysts watch if XRP can hit $3.29 target
While the broader cryptocurrency market experienced a slight correction on Monday, XRP has emerged as a rare gainer today, May 13. XRP price rose almost 4% in the past 24 hours. This move extends XRP’s weekly gains to an impressive 19%, as it trades around $2.55 at press time. This performance makes XRP outperform market trends.
XRP’s daily trading volume has soared by 145%, exceeding $10.5 billion, according to CoinMarketCap data. This explosive jump in volume suggests renewed interest among retail and institutional traders in XRP.
Coinglass data further revealed that the futures open interest has surged 13.54% to $5.36 billion while options volume climbed nearly 89%.
The total derivatives volume has skyrocketed 213% to $19.65 billion. This uptrend in derivatives activity reflects growing bullish bets on XRP, likely in anticipation of a breakout. This is a clear marker as to why XRP trading volume and derivatives activity are exploding today.
Related: XRP Ready for Major Surge: Can the Triangle Formation Push It to $4.40?
Analyst Insight: Dark Defender Charts XRP’s Path to $5+
Prominent crypto analyst Dark Defender reaffirmed his bullish stance on XRP, noting that XRP’s recent rise to $2.58 aligns perfectly with his predicted Wave 3 target based on Elliott Wave Theory.
According to this Elliott Wave Theory XRP analysis, XRP is now forming Wave 4, a consolidation phase, before a potential breakout into Wave 5.
The chart shared by Dark Defender outlines the following trajectory for XRP price:
- Wave 3: $2.58 peak (now achieved)
- Wave 4: Retest of the same $2.58 level or slightly below
- Wave 5 Target: Extension toward $5–10, with mid-term resistances at $3.29, $4.20, and $5.00
The chart further shows XRP breaking through a descending resistance line dating back to February, indicating a long-term trend reversal.
XRP Technical Analysis: What’s Next for XRP Price?
A Fibonacci retracement applied to XRP’s most recent upward move highlights that XRP is currently testing resistance at the 0.618 level ($2.54), which aligns with today’s local high.
A clear break above this could open the door to $2.66 (0.786 Fib) and $2.83 (Fib 1.0) as the 1.618 extension projects a bullish target at $3.29, which coincides with historical resistance zones.
On the other hand, the Accum/Dist indicator, currently at 74.21 billion, continues to trend upward. This suggests sustained accumulation and confirms that the recent XRP rally is supported by real buying pressure, not just short-term speculation.
The Balance of Power sits at -0.30, indicating that sellers still maintain slight control. However, this indicator often lags during strong moves.
Related: XRP (XRP) Price Prediction for May 14
It is important to note that if XRP breaks through key resistance zones, we could see the BoP swing to positive territory. This would validate momentum for higher highs and potentially help XRP break $3.29 resistance based on current momentum.
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