The altcoin XRP has managed to attract investors’ attention with its impressive performance in recent weeks. As of September 29, the price of XRP increased by 5% to $0.6278. This recovery process has been ongoing since September 6, and XRP has gained over 10% in the last 30 days. This rise of XRP is also supported by a significant increase in open interest.
XRP Performance and Market Situation$XRP
According to market data, XRP rose to its highest level of $ 0.6335 on September 29 after the $ 0.5027 low seen on September 6. In the process, the cryptocurrency gained a significant 26%. The overall cryptocurrency market cap increased by 0.4% to $ 2.29 trillion. In this context, XRP became the third cryptocurrency to gain the highest among the top 100 cryptocurrencies in terms of market cap in the last 24 hours. The increasing investor interest in XRP brings with it expectations that there will be significant changes in price movements. Cryptocurrency YouTuber Raajeev Anand said in a post on September 29, “XRP has shown significant price movements. Our short-term targets are at $ 0.66.” According to Anand, there is a possibility that XRP may reach $ 2, $ 4.2, or even $ 9.98 in the future. These predictions are based on bull market formations observed on XRP’s charts.
Investors' Expectations
XRP’s weekly chart shows a strong breakout from the symmetrical triangle that has been in place since 2020. If it can maintain this momentum, the price of XRP could rise to $2. Anand noted that this move is fueled by the market’s positive mood and that several technical signals are pointing to a strong bullish trend. One of these signals is the technical indicator known as the RSI (Relative Strength Index). Pseudonymous analyst Jadee_757 noted that the RSI on XRP’s monthly chart is giving a rare bullish signal. “RSI is above the 7-year trendline,” Jadee_757 wrote in a post on September 29, adding: “If we close above this level next week, it will be the most bullish move in the last 7 years!”
Similarly, popular analyst Captain Faibik also announced that the XRP price has broken out of a falling wedge and that the price could make a big jump towards $3.9. However, he set $2.3 as the short-term target. The jump in XRP price on September 29 came after a significant increase in open interest (OI). Open interest is a key metric that helps traders predict market expectations and future price movements. XRP’s open interest increased by approximately 67% since September 7, reaching $932.3 million on September 29. These levels are very close to the highs last seen on April 12, 2024.
Open Positions and Market Dynamics
The increase in open interest is critical as prices rise, as this usually indicates that the trend will continue. Data from CoinGlass shows that demand for leveraged long positions in XRP has increased in recent days. The perpetual futures funding rate also confirms this; the average 8-hour funding rate for XRP perpetual contracts is at 0.0113%. This translates to a cost of 0.23% over a 7-day period. The increase in funding rates indicates that futures investors believe prices will rise, and therefore the upward trend is expected to continue.
