Rising XRP Open Interest Suggests Higher Price
According to a popular cryptocurrency analyst known as Cryptoinsightuk, XRP’s open interest, or the number of futures contracts not yet settled, recently surged by $100 million. This happened after a fake filing for a spot XRP exchange-traded fund was made. Despite XRP’s price drop, open interest stayed steady, indicating there are significant shorts on the cryptocurrency.
Potential Price Surge on the Horizon
With a break above its descending trendline, the price of XRP could go higher as people try to cover or close their short positions, leading to increased buying pressure. A bullish divergence suggests that XRP will enter the analyst’s target range between $0.89 and $1.35.
Anticipated XRP Price Movement
The cryptocurrency’s price predictions come at a time when XRP has been seeing a surge in price. An analyst also suggested that XRP could soon experience a “God candle,” a candlestick pattern that previously led to a 900% surge in price. If the pattern repeats itself, XRP’s price could rally up to approximately $11 from its current level of $0.638.
Hot Take: XRP Price Gains Momentum
The recent surge in XRP’s open interest could lead to a bullish move, with the potential for a substantial price increase. Keep an eye out for a breakthrough above the descending trendline in the near future.
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