XRP token hits $1 billion milestone: where will the price go from here?
XRP token open interest has reached $1 billion, which shows that market activity has increased significantly driven by regulatory optimism. Although foreign exchange reserves are rising and long-term liquidations are not small, it shows that people are still quite cautious under the upward momentum.
The current price of XRP is $0.5879, which is a 6.5% drop in the past 24 hours. But having said that, the increase in open interest does reflect the increase in market activity, and traders are looking forward to big price moves in the future.
So what is driving XRP's momentum? Regulatory changes and institutional investment may be the two key reasons, but there may be other reasons.
Looking at the price trend of XRP, it is now facing strong resistance at $0.6222. If it wants to continue to rise, this hurdle must be overcome. Fortunately, there is a strong support at $0.5617, which can block the price if it falls.
The Bollinger Bands are getting tighter and tighter, indicating that the price is about to move. The RSI is now at 56.94, and the market is relatively stable.
Traders should keep an eye on these key levels, because once the resistance is broken, the price may rebound more strongly.
Let's talk about the foreign exchange reserves. They have increased by 0.34% in the past 24 hours and now have 3.1258 billion tokens. This usually means that selling pressure will increase because more tokens may be transferred to exchanges for sale.
So investors have to be careful. Although XRP's foreign exchange reserves have increased, it may also mean that some holders are ready to retreat.
There are also liquidation data. In the past 24 hours, $1.35 million was liquidated, mainly long positions. On Binance, long liquidations reached $3.2377 million.
Although everyone is optimistic about the breakthrough, the market resistance still caused some over-leveraged positions to be closed. This reminds us that if XRP's rise is not guaranteed, those bullish traders will be in danger.
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