This is a daily technical analysis of Coindesk analyst and chartered market technician Omkar Godbole.

Imagine a basketball player who performs a convincing false jump shot and holds just before his feet leave the ground. The defender, foreseeing a quick shot, jumps too soon, only to create an opening for the offensive player to drive to the basket or take a wide open shot.

This analogy reflects the price action in XRP, where failure in a large bearish pattern has cleared the way for bulls to take control, which opens the potential for a strong upward move. XRP is used by Ripple to facilitate cross -border transactions.

The XRP cut a large head-and-shoulder-topping pattern from December to April and signaled an impending transition of market management from Bulls to the bears. The division happened in early April, when prices slipped under the H&S Support to $ 2 and quickly slid to $ 1.60.

Several analysts called for expanded sales against $ 1.20, but prices quickly turned higher to re-enter the $ 2 handle and mark a failed collapse.

In other words, the bears were trapped as the defender in the basketball analogy. Since then, XRP’s price has continued to rise and topped $ 2.50 to signal a finish to the falling trend from the middle of January height of $ 3.40.

So Bulls now has a clear shot (like basketball attack) at the January height and maybe even higher price levels.

The Bullish prospects look even more convincing considering XRP is well over the simple sliding average of his 200-day. Furthermore, the XRP kept virtually above average throughout the early April Crypto Market sale as BTC fell as low as under $ 75,000.

The Bullish feature is supported by an increase in trading volumes in a sign of the trader confidence in award prospects, according to Coindesk’s Market Insights Bot.

“A key resistance level of $ 2.40 was decisively broken with a high volume, triggering accelerated purchase when the price formed an increasing channel pattern,” Bot said. “While AI Forests suggest that XRP could reach $ 2.85 before June 1st, some analysts projecting much higher targets, with price forecasts ranging from $ 3.33 to as high as $ 15.”

“Market mood remains strong Bullish after Ripple’s court victories against SEC and optimism after the election under the crypto-friendly Trump administration,” Bot added.

Read more: XRP, BTC among larger token’s flashing signs of bulls returning to Krypto