Sep 29, 2024

6thTrade

XRP (XRP) saw a notable rise of 5% to hit $0.6278 on September 29, continuing a broader recovery trend that started on September 6. Since then, the remittance token has climbed over 10% in the last 30 days, boosted by a substantial uptick in its open interest. $XRP

Data from Cointelegraph Markets Pro and TradingView show that XRP's journey began at $0.5027 on September 6, eventually surging by as much as 26% to an intraday high of $0.6335 by the end of the month.

Currently, the overall crypto market cap is up by 0.4%, reaching $2.29 trillion. XRP has been a standout performer among the top-100 cryptocurrencies, becoming the third-highest gainer over the last 24 hours.

Traders Betting on Major Moves for XRP

The buzz around XRP continues, with more traders betting on significant price swings ahead. According to Raajeev Anand, a popular crypto YouTuber, the price could soon aim for $0.66, and potentially much higher targets, like $2, $4.20, or even $9.98, depending on bullish signals in the charts.

Anand attributed these optimistic predictions to positive market sentiment around XRP, along with multiple bullish indicators such as breakouts from symmetrical triangle formations and the golden cross pattern. Analysts have noted that these formations point to strong upward momentum for XRP.

On the weekly chart, XRP appears to have broken out from a symmetrical triangle—a chart pattern that dates back to 2020. If this breakout holds, XRP could be on track to reach a bullish target of $2.

“The anticipation is fueled by several technical signals, indicating a robust bullish trend,” Anand added.

RSI Signal and the Bullish Outlook

Another sign of this bullish momentum comes from the relative strength index (RSI). Pseudonymous analyst Jadee_757 highlighted a rare bullish signal on the monthly chart. Jadee shared that the RSI has finally broken above a seven-year trendline, remarking, “If we close above this next week, it will be the most bullish thing to happen in the last seven years!”

Additionally, crypto analyst Captain Faibik told his 96,000 followers on X that XRP had completed and broken out of a "falling wedge" formation, which often signals a potential uptrend. According to Faibik, this breakout sets XRP up for a price target of $3.90, though the shorter-term goal sits at around $2.30.

Open Interest Peaks as Confidence Grows

A key driver behind XRP’s recent surge has been a sharp rise in its open interest (OI), which jumped significantly in tandem with the price increase on September 29. OI is an important metric used by traders to understand market sentiment and predict future price movements. Since September 7, XRP’s OI has risen about 67%, reaching $932.3 million—levels not seen since April 2024.

This rise in both price and OI suggests a trend that could continue, as increasing OI along with rising prices often indicates a sustained move rather than a temporary spike.

Further data from CoinGlass indicates growing demand for leveraged long positions in XRP over the past few days, as shown by the perpetual futures funding rate. Currently, this rate is at 0.0113% for an eight-hour period, equating to a 0.23% cost over seven days. This is significant for traders building futures positions, suggesting that many expect XRP’s value to keep increasing.

Higher funding rates often indicate that futures traders are bullish, betting on further price increases, which might signal the uptrend will continue.

#6thTrade #MarketSentimentToday #Market_Update #Xrp🔥🔥

Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.