Crypto sources report that XRP price has recently become popular in the cryptocurrency market with a sudden surge in its price and increasing open interest. Even as of September 29, there had been a 21% rise in the value of XRP price trading at $0.6456. This recovery in price has been supported by the increasing open interest which has raised countless analysts’ eyebrows about the possibility of the remittance token crashing the $1 mark. Market sentiment, measured by open interest, has increased by 67% in the last three weeks to stand at $932.3M.
XRP’s Price Impressive Surge Amid Increased Open Interest
Open interest has trended upward within this period, and this has followed the increase of XRP price. As seen from the crypto media reports and TradingView charts, XRP price surged from its low of $0.5027 on September 6 to reach an intraday high of $0.6335 before the end of the month. Converting this to a price increase results to 26% when XRP is among the best performing cryptocurrencies during this period.
XRP Price
Open interest — the total amount of option contracts that have not been closed out — began to rise on Sept 7 and reached $932.3m by September 29, 67% more than at the start of September. Open interest refers to the number of futures contracts that remain unsold in the market with active traders; thus, it is a significant measure in the market. Many analysts believe that when open interest rises in tandem with prices, this is a good sign that may persist.
Crypto analyst Raajeev Anand, in a post on X (formerly Twitter), stated that “XRP has been volatile in price predictions, and immediate targets are around $0,66.”
Bullish Patterns and Technical Indicators Suggest Further Gains
Traders have now noted some encouraging signs for Ripple’s XRP on the price charts following technical analysis from experts. The possibility of a reliable breakout from a symmetrical triangle pattern, which started forming in 2020, can justify that XRP may be preparing to go on an upward trajectory.
XRP Price
These include the Relative Strength index, which measures the momentum of prices in relation to changes in price. Forex analyst Jadee_757 forecasted this, indicating that XRP’s monthly RSI is at a level that has only been seen and exceeded once in the past seven years. “If we close above next week, this will be the most bullish thing to happen in the past 7 years,” wrote Jadee_757 in a post on September 29.
XRP Price
Besides the RSI, there are other signs that are giving the market the green light for XRP price, including the golden cross—a technical bit that occurs when the short-term moving average crosses above the long-term moving average. These signals indicate that the XRP price may now be on the right track to starting the next long-term trend after the long period of stagnation.
XRP Open Interest Surge Points to Market Confidence
The chart for open interest in XRP also followed an upward trajectory in price, which confirmed the long-term bull trend for the remittance token. Analyzing XRP price statistics up to September 29th, it is possible to state that its open interest demonstrated 67% growth, which indicates that more and more traders are taking leveraged long positions.
Similar to funding rates, data from CoinGlass also indicates that the XRP perpetual futures funding rate has increased to 0.0113% per eight-hour holding for long positions. On a weekly basis, this comes down to $ 0.23%, which is proof that future traders are willing to pay more for their carry cost. This is even a signal of a bullish position because traders hope for more prices to go up.
Captain Faibik, one of the most renowned crypto analysts at X, made this observation while addressing his 96,000 followers on X, thus, “XRP price has followed suit and broke out the falling wedge indicating a massive breakout towards a target of $3.9. However, for the short-term, the target of the change has been set at $2.3.”
Conclusion: Is XRP Poised for a Move Beyond $1?
As usual, following increased open interest with a 67% increase in September for XRP price and the coin rising by 21% in the same month, many people are expecting even more growth for the token. Other technical features, such as a breakout of the symmetrical triangle a bullish formation for RSI, indicate the price of XRP can reach $2 or surpass it as postulated by analysts.
Still, the position remains uncertain, and given the constantly growing indicators of open interest and bullish indicators behind the XRP token, this altcoin may well continue the upward movement. Keep following TheBITJournal and keep an eye on crypto market trends.
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