The dynamics of the Ripple project token ($XRP ) on the weekly chart shows that it has been trading inside a symmetrical triangle since July 2020. Trading in such a pattern means that the price fluctuates between two converging trend lines. These lines form resistance and support levels.

The consistent price gains over the past month eventually led to a breakout of the upper boundary of this triangle on September 23. This is a signal that the bulls have prevailed over the bears, confirming the potential for further gains. The increase in Ripple open interest over the past few days suggests that market participants are eager to realize this forecast. At the time of writing, XRP open interest stands at $1 billion, up 102% over the past 30 days. It is the first time the figure has exceeded the $1 billion mark since September 2023.

This on-chain metric reflects the total number of currently outstanding contracts on various derivatives, such as options and futures. Its growth indicates an increase in the number of market participants entering into new positions. This is especially encouraging when prices are going up. This means that the rally is gaining momentum, and traders believe in the continuation of the upward trend. Large investors are also showing confidence in the growth of the asset. They are actively accumulating coins. XRP holders with balances from 100 million to 1 billion tokens have acquired 680 million XRP in the last two weeks, worth more than $435 million. At the moment, this category of hodlers owns 9.76 billion tokens. This is 16% of the total volume of Ripple in circulation.