The relief in the Ripple and XRP community was evident after the court unsealed the Hinman documents for public scrutiny. The value of XRP rose more than 6 percent and traded around $0.554 during the early trading session in New York. Similarly, XRP futures open rates have increased over the past 24 hours on major centralized exchanges, including Binance, ByBit, and Bitget. According to a market update from Coinglass, total open interest on XRP futures is up more than 15 percent to about $640 million across all exchanges.
Is the XRP price breakout a bull trap?
With XRP bulls rejuvenated to rise above 58 cents, experts wondered if the breakout will be closely followed by a price correction. In addition, the final ruling on the SEC vs Ripple case has yet to be finalized despite the Hinman documents being made public. According to popular crypto trader on Twitter Ali (@Ali_Charts), the recent XRP breakout could lure long traders before they catch on 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
Nevertheless, XRP macro technical indicators show that the bulls have the upper hand with a possibility of rising towards 80 cents. In addition, this is the first time that the weekly logarithmic downtrend has been broken. In addition, the weekly 50 and 200 moving averages (MA) have served as a strong support level after their daily gold cross.