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XRP (CRYPTO: XRP) soared overnight Sunday fueled by broader optimism in the cryptocurrency market that the ongoing federal shutdown would soon end.
The fourth-largest cryptocurrency by market capitalization rallied over 9% in the last 24 hours, with trading volume spiking 38% to $3.89 billion.
In doing so, XRP overshadowed popular coins, such as Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE), which rose 4.16% and 5.26%, respectively, in the 24-hour period.
The rally got speculative traders excited, with open interest in XRP futures jumping 6.70% in the last 24 hours, according to Coinglass.
Additionally, over 70% of Binance traders holding open XRP positions expected the rally to continue, according to the Long/Short ratio.
See Also: Ripple (XRP) Price Prediction: 2025, 2026, 2030
Widely followed cryptocurrency analyst Ali Martinez noted a bullish flag formation for XRP, suggesting a correction to $1.90 could spark a rally toward $10.
Should this come to fruition, it would mean an upside of 309% from XRP's current level.
Meanwhile, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset's price, flashed a "Buy" signal for XRP, according to TradingView.
The Bull Bear Power indicator, however, showed a "Neutral" reading, indicating a balance between buyers and sellers in the market.
The Senate moved toward a vote to end the record 40-day government shutdown, sending stock futures and cryptocurrencies higher.
Price Action: At the time of writing, XRP was exchanging hands at $2.44, up 9.72% in the last 24 hours, according to data from Benzinga Pro.
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Photo Courtesy: Vector-3D on Shutterstock.com
