XRP price increased by 5% to trade at $0.63 on September 29. This is part of an ongoing rally that began on September 6 and has brought the remittance token up more than 10% over the past 30 days, fueled by a significant increase in open interest* (OI).
Data from TradingView shows that XRP increased 26% from a low of $0.50 on September 6 to an intraday high of $0.63 on September 29.
BTC 4-hour price chart | Source: TradingView
The total cryptocurrency market capitalization increased by 0.4% to $2.3 trillion. As a result, XRP's price performance over the past 24 hours makes it the tenth-highest gainer in the top 100 by market cap.
Traders increasingly betting on XRP to see âsignificant price movementâ
âXRP shows significant price movement with prediction and immediate target around $0.66,â YouTuber Raajeev Anand stated in a September 29 post on X.
âXRP could rise higher, aiming for targets like $2 or even much higher numbers like $4.2 or $9.98 thanks to the bullish patterns observed on its chart.â
According to Anand, the market sentiment on XRP is largely positive. Analysts point to patterns like the symmetrical triangle breakout, golden cross, and other bullish indicators that show strong momentum for XRP to continue moving upwards.
XRPâs price action on the weekly timeframe represents a bullish breakout from the symmetrical triangle that has existed since 2020. A sustained rally on this chart pattern could push XRP towards the current chart target of $2.
XRP Weekly Chart | Source: TradingView
âThe anticipation is driven by a number of technical signals, which point to a strong bullish bias,â Anand added.
One of these indicators is the relative strength index (RSI), which has sent a rare bullish signal on the monthly chart, according to anonymous analyst Jadee_757.
The analyst shared the following chart in a September 29 post:
âRSI is moving above the 7-year trend line! If we close above it next week, this will be the most bullish signal to occur in the past 7 years!â.
XRP Monthly RSI | Source: Jaydee_757
Meanwhile, analyst Captain Faibik commented that XRP price has completed and broken out of the falling wedge, confirming a major breakout towards $3.9. However, they set a short-term target of $2.3.
Source: Captain Faibik
XRP OI Hits Five-Month High
Rippleâs XRP price spiked on September 29 after a significant increase in OI. OI is an important metric used by traders and analysts to gauge market sentiment and predict future price movements.
Along with the price, XRP's IO started to increase on September 7, adding about 67% and reaching $932.3 million on September 29. The last time XRP's OI reached these levels was on April 12, 2024.
XRP OI across all exchanges | Source: CoinGlass
Note that when price increases along with increasing OI, it usually indicates that the trend is likely to continue.
Data from CoinGlass shows growing demand for leveraged XRP long positions over the past few days, as shown by the perpetual futures funding rate.
Average funding rate of XRP perpetual contract over 8 hours | Source: CoinGlass
Note that the current 0.0113% rate over 8 hours equates to a cost of 0.23% over a seven-day period, which is important for traders building futures positions.
A rising funding rate typically indicates that futures traders are bullish, expecting prices to rise in the future. This could indicate a continuation of the uptrend.
*OI (open interest) is a measure of the total value of all outstanding or âunsettledâ futures contracts on exchanges, and is also an indicator of market price momentum as well as trader sentiment around a particular asset.
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