Oct 11, 2024
6thTrade
XRP bulls are starting to push back against the bears with some strong moves. While the price hasn’t seen a major jump just yet, the long-term outlook for this Ripple-associated cryptocurrency is looking optimistic. Traders and investors seem to be showing renewed interest and confidence in XRP, likely anticipating significant gains in the future. $XRP
Today, XRP is seeing a surge in investment, with trading activity climbing sharply and bringing some bullish energy into the market. According to the latest data from CoinGlass, XRP’s trading volume has soared by an impressive 88.13% in the past 24 hours, reaching around $1.33 billion. This uptick in volume is spread across major cryptocurrency exchanges, highlighting the growing interest in XRP among trading communities worldwide. Binance, the largest crypto exchange, is leading the pack with $456.44 million in volume, followed by Bybit at $283.19 million, Bitget at $258.13 million, and OKX at $136.52 million.
Adding to the momentum is a notable rise in Open Interest (OI) for XRP, which has increased by 3.58% during the same timeframe, now standing at an impressive $710.63 million. This increase in OI indicates a rise in open positions as more traders hop on the XRP bandwagon, contributing to the overall bullish sentiment.
So, how’s XRP’s price reacting? Despite the increase in trading activity and investor interest, XRP’s price hasn’t moved much yet, likely due to other influencing factors. Currently, the broader crypto market is still consolidating, and macroeconomic challenges are putting a damper on market movement.
At the time of writing, XRP is trading at $0.5349, reflecting a modest 1.09% gain over the past 24 hours as it holds its ground around the $0.53 level. For a broader rally to kick off, XRP will need to break through the next resistance level at $0.57, which could pave the way for a climb to $0.61 if the momentum continues.
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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.
