- XRP open interest hits record, boosting market confidence and traction.
- Upcoming events, metrics, breakout patterns drive optimism for XRP’s growth.
XRP has made headlines with a notable price surge of 10% in the last 24 hours. It is trading at $2.80 and hit a 40-day high of $2.90 earlier. This marks a 21% increase over the past week and a 16% spike in trading volume, indicating growing investor interest.
XRP Price Chart, Source: Sanbase
The rally follows a significant price decline on 13 January 2025, suggesting XRP is recovering and potentially gearing up for a larger breakout. Analysts attribute this bullish momentum to multiple factors, including a recent bullish breakout, broader market recovery, and anticipation of political events like President-elect Donald Trump‘s upcoming inauguration.
Moreover, adding to it, Whale Alert reported a crypto whale transferring 30 million XRP worth $76.15 million from Upbit to an unknown wallet. Such moves, typically interpreted as bullish, signal accumulation by large investors. Data from CoinGlass also highlights strong trader confidence, with XRP’s Long/Short Ratio at 1.10, and 52.50% of top traders holding long positions.
Technical analysis reveals XRP is testing a key resistance level near $2.60 after breaking out of a bullish flag and pole pattern on 11 January. If it closes above $2.62, analysts predict a potential 70% surge, targeting $4.50. The Relative Strength Index (RSI) remains below the overbought zone, leaving room for further gains.
Derivatives And The Future
In derivatives markets, XRP’s open interest reached an all-time high of $5.42 billion on 12 January, reflecting heightened trader activity. Bitget leads with over 25% of XRP’s open futures contracts, followed by Bybit and Binance.
Ripple’s ecosystem developments, including the launch of Ripple-USD (RLUSD) and ETF speculation, have further boosted optimism. A recent meeting between Ripple’s leadership and President-elect Trump has also fueled market buzz.
As XRP eyes a new all-time high of $3.55, market participants are closely watching for a decisive break above $2.90 to confirm the rally’s continuation.
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