XRP Leads Weekend Crypto Surge with Rising Open Interest
XRP's price climbs amid bullish sentiment and surging open interest, sparking speculation of a major breakout.
XRP, the popular remittance token from Ripple, has seen a significant price surge, gaining 5% to trade at $0.6278 on September 29. This marks a continued recovery that began earlier in September, with XRP climbing over 10% in the past 30 days. Data from Cointelegraph Markets Pro and TradingView shows that XRP rose from a low of $0.5027 on September 6, hitting an intraday high of $0.6335. The rise comes as traders pile into XRP, driving open interest to a five-month high.
XRP’s recent performance has captured the attention of the crypto community. It now ranks as the third-highest gainer among the top 100 cryptocurrencies by market capitalization, as the broader crypto market cap increased by 0.4%, reaching $2.29 trillion. This bullish momentum, accompanied by rising open interest, has fueled predictions of significant future price movements.
Traders Expect Further Gains for XRP
Crypto influencers and analysts have been increasingly vocal about XRP's potential for further price growth. One such figure, crypto YouTuber Raajeev Anand, pointed out bullish chart patterns that suggest XRP could soon test new highs. "XRP has shown significant price movements with predictions and immediate targets around $0.66," Anand posted on X (formerly Twitter), adding that XRP could surge to $2, or even as high as $4.2 or $9.98, if these bullish patterns play out.
Anand highlighted several key technical indicators backing these predictions, including a breakout from a symmetrical triangle that has been forming since 2020 and a "golden cross," where the 50-day moving average crosses above the 200-day moving average. These chart signals often indicate a strong bullish trend in the making. XRP’s weekly price action shows a breakout from this symmetrical triangle, with a potential price target of $2.
In addition to chart patterns, the relative strength index (RSI), a popular technical analysis tool, is sending rare bullish signals on XRP’s monthly chart. "RSI is peeking above the 7-year trendline!" tweeted pseudonymous analyst Jadee_757, noting that a close above this level could be "the most BULLISH thing to happen in the last 7 years."
Another crypto analyst, Captain Faibik, has also been bullish on XRP, telling his 96,000 followers on X that XRP has completed and broken out of a falling wedge pattern, indicating a potential move toward $3.9, though his short-term target sits at $2.3.
XRP Open Interest Hits a Five-Month High
XRP’s surge on September 29 is not only driven by price action but also by a sharp rise in open interest (OI), a key metric used by traders to assess market sentiment. Open interest in XRP futures has climbed 67% since September 7, reaching $932.3 million on September 29, the highest level since April 2024.
When prices rise alongside increasing OI, it typically signals a continuation of the current trend, suggesting that XRP’s uptrend could continue. Data from CoinGlass also shows growing demand for leveraged long positions in XRP, as indicated by the perpetual futures funding rate, which stands at 0.0113% for every eight-hour period. This rate translates to a 0.23% cost over a seven-day period, signaling strong bullish sentiment among futures traders.
The rising funding rate further underscores market optimism, with traders betting on continued price gains for XRP. As leveraged positions increase, it signals that market participants are confident in further upward momentum, adding fuel to XRP's ongoing rally.
Can XRP Break $1?
While XRP's rise has sparked optimism, the big question remains whether it can push beyond key resistance levels and aim for higher targets like $1 or more. With strong technical indicators, increasing open interest, and bullish sentiment in both spot and futures markets, XRP appears poised for continued gains. However, as with any volatile asset, traders should exercise caution, as profit-taking or external factors could still lead to short-term corrections.
For now, the surge in XRP’s price and the growing confidence from traders signal that the token could be on the verge of a significant breakout. Whether it can sustain this momentum and test higher price targets will be closely watched in the weeks ahead.
photo source / Blockonome
Комментарии