Will XRP bulls take control and price reach $0.65?
Although XRP price fluctuated slightly near support, bulls appear to be back in the market as trading volumes surge. While many major cryptocurrencies saw significant price increases on October 7, 2024, XRP has remained stable over the past 24 hours.
Ripple’s long traders raise bets
Despite the overall market downturn and the ongoing legal dispute between the US SEC and Ripple, XRP derivatives traders are still optimistic about the market outlook. Long positions continue to gain the upper hand, showing investors’ optimism about XRP’s price potential.
This optimism has also been supported by funding rates, which have remained positive. Currently, the financing interest rate is 0.004%, indicating that the market’s confidence in XRP’s future rise remains unchanged.
Positive funding rates mean there is more demand for long positions than for short positions. This usually occurs when a trader is bullish on future price increases in an asset and is willing to pay a premium for this to maintain a long position.
XRP traders on the spot market take a different view. They are worried that the price will drop sharply after the SEC appeal hearing begins, so they continue to sell their XRP holdings.
XRP current price trend
Currently, XRP is trading close to $0.538, up slightly by 0.75% in the past 24 hours. At the same time, trading volume surged by 90%, showing active participation from investors and traders, which is good news for XRP holders.
Technical analysis and future trend prediction of XRP
XRP appears to be on the rise but has been hovering between $0.512 and $0.545 for the past five trading days. Based on recent performance, whenever XRP price touches this range, it tends to experience a 20% increase.
If XRP can break out of this hovering range and close above $0.55, it could potentially surge 20% to $0.65 levels in the coming days.
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