XRP has broken out of a ‘pennant’ pattern on the weekly chart, suggesting a potential price rally of 40% to approximately $3.20. The price surged as much as 7.2% to reach an intraday high of $2.31. Positive developments, including SEC's approval of a spot ETF and increased futures open interest (OI) in XRP, indicate growing confidence and interest from institutional investors, enhancing market liquidity. XRP's futures OI rose by 30%, mirroring historical scenarios where significant increases in OI preceded major price rallies. Currently, the long/short ratio for XRP across exchanges leans towards bullish positions at 68%, although this introduces some liquidation risk. Analysts forecast a target price above $3, bolstered by XRP's recent upward movement and favorable market conditions after a period of consolidation, with critical support established along the pennant's descending trendline.

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