XRP Price Explodes After Failed Breakdown: Targets $1.20

XRP's price surged 6.62% on Wednesday after what some analysts are calling the 'cleanest bear trap' in months.

The cryptocurrency traded as low as $0.99524 before reversing sharply, closing at $1.06738.

The move was largely driven by a market-wide catalyst: the US Treasury doubling its long-dated bond buybacks, which pushed yields and the dollar lower, prompting traders to label it 'QE Lite.'

However, XRP's price action also had a technical component. After months of making lower highs, the cryptocurrency finally broke below $1, only to rebound above it.

This failed breakdown has strengthened support levels at $1 and below, indicating that buyers were waiting beneath them.

XRP has been one of the worst-performing major cryptocurrencies this year, down over 43% since January.

With its price action now showing signs of a potential reversal, analysts are eyeing targets at $1.20 and $1.30.