The relief in the Ripple and XRP community was evident after the court unsealed the Hinman documents for public scrutiny. The value of XRP jumped more than 6 percent to trade around $0.554 during the early New York trading session. Similarly, the XRP futures open interest jumped on major centralized exchanges including Binance, ByBit, and Bitget in the past 24 hours. According to a market update from Coinglass, the total XRP futures open interest jumped more than 15 percent to about $640 million on all exchanges.
Is The XRP Price Breakout a Bull Trap?
With the XRP bulls rejuvenated to rally above 58 cents, experts wondered whether the breakout will be closely followed by a price correction. Furthermore, the final judgment ruling on the SEC vs Ripple case is yet to get concluded despite the Hinman documents out for public scrutiny. According to a popular crypto trader on Twitter Ali (@Ali_Charts), the recent XRP breakout could be luring long traders before they get rekt with a full reversal.
#Ripple | This isn't the first time $XRP price moves past $0.55, luring breakout traders into a long position to then get them #rekt with a full reversal.
For this reason, you must wait for confirmation before going ape on #XRP. pic.twitter.com/OS4nV34sIV
— Ali (@ali_charts) June 13, 2023
Nonetheless, XRP macro technical indicators show the bulls have the upper ground with a possibility of rallying towards 80 cents. Moreover, this is the first time the weekly logarithmic downtrend has been broken. Additionally, the weekly 50 and 200 Moving Averages (MA) have acted as a strong support level following their daily golden cross.
