XRP has been rising steadily over the past week, forming an ascending triangle pattern. It was trading around $0.60 during Thursday’s European session, down 0.2% in the last 24 hours. The market is hopeful as it awaits the SEC’s closed meeting on July 25, 2024, which might involve a Ripple-SEC settlement.
Speculation about this settlement could lead to a “sell-the-news” situation if the news doesn’t pan out. Meanwhile, the U.S. has become more crypto-friendly, with former President Donald Trump supporting Bitcoin and spot Ethereum ETFs recently approved, signaling a shift in the government’s stance on cryptocurrencies.
XRP Sees Significant Increase in Open Interest and Trading Volume
Data from Coinalyze reveals a 9.54% rise in XRP’s open interest (OI) over the last 24 hours, indicating increased investor positions in the asset. On July 9, XRP’s OI had dropped to $327.48 million, its lowest since September 2023, due to a market panic following a German Bitcoin sell-off. Since then, OI has surged by 79%.
CoinGecko reports a 34.4% increase in XRP’s trading volume in the past 24 hours, reflecting heightened market activity.
Additionally, Hashdex Nasdaq Crypto Index ETF (HDEX.BH), a fully physically backed ETF tracking the Nasdaq Crypto Index™ with diversified crypto exposure, has submitted its S-1 form for the crypto index fund ETF on July 24.
The fund will start with ETH and BTC but has also added XRP to its portfolio of 11 crypto assets. This move fuels speculation about the potential launch of an XRP ETF, increasing optimism among investors.
XRP Price Analysis: Bullish Indicators and Key Resistance Levels
The price of XRP is on an upward trend after a previous downtrend, currently consolidating towards the resistance level at $0.631. A breakout above this resistance level with significant trading volume could signal a continuation of the bullish trend.
Key resistance levels to monitor include $0.649, $0.70, and $0.766. The price remains above both the 50-day and 200-day exponential moving averages (EMA), supporting the upward trend. If XRP falls below the ascending triangle pattern, potential support levels could be the 200 EMA at $0.528 or further down at $0.47.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
