- XRP futures open interest surged over $1B in one week to $3.42B (Glassnode), fueling price rally.
- XRP price jumped from $2.14 to ~$2.54, with daily trading volume exceeding $10.6 billion now.
- Analyst Ali Martinez notes XRP cleared key resistance; on-chain data suggests more upside.
XRP is drawing significant attention in the crypto market mostly because of a massive spike in its futures open interest (OI). Data from Glassnode shows XRP futures open interest surged by more than $1 billion in the past week. This climb took the OI from $2.42 billion to $3.42 billion, a key indicator for the altcoin.
This sharp 41.6% rise in leverage has fueled speculation that bullish sentiment is strengthening rapidly. Alongside this, XRP’s price jumped from $2.14 to $2.54, suggesting that traders are placing increasingly confident bets on further upside.
Futures-Driven Momentum and Market Psychology Point to XRP Upside
The rapid climb in open interest strongly implies that a large number of leveraged positions are entering the market. This kind of aggressive speculative behavior often signals growing directional conviction among traders.
Notably, this isn’t the first time XRP has seen such a surge. Back in January, a similar spike in Open Interest preceded a price rally that took XRP from $2.30 to $3.30 in under a week.
Related: XRP Ready for Major Surge: Can the Triangle Formation Push It to $4.40?
Besides historical parallels, analysts view the current trend as a continuation of bullish sentiment returning to the altcoin. Crypto analyst Ali Martinez noted that XRP has cleared significant resistance levels.
He emphasized that on-chain data indicates no major resistance clusters ahead for XRP. This, Ali Martinez suggests, could lead to even more upward movement, provided the current bullish momentum holds.
Related: What Will Drive XRP Price to $3.29? Accumulation Strong, Say Analysts
XRP Support Zones Strengthen as Key Resistance Levels Break
The recent breakout above the $2.26 level was a key technical event. For weeks, analysts pegged $2.00 as a crucial support level for XRP.
Once the asset surged past $2.26, it signaled a potential restart of its bull run. Now, even after a temporary halt near $2.70, XRP remains stable above $2.50. This price range has now become a new base of support, with the $2.38 zone acting as a buffer against potential pullbacks.
Martinez also pointed out that with no significant resistance zones ahead, XRP may continue climbing with little opposition. These indicators have fueled a wave of price predictions. Analysts at AllInCrypto project a long-term target of $19. Others forecast a more conservative high of $5.40.
Current XRP Price Action and Volume Confirm Strong Demand
As of press time trading at $2.53, XRP has posted a 3.28% gain over the past 24 hours and is up 21.16% over the past week. Its daily trading volume currently exceeds $10.6 billion, with a market cap sitting near $148.6 billion. These metrics reinforce the growing interest and strong liquidity backing the asset’s bullish case.
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