Investors are investing more in optimistic expectation of the XRP price rising. According to market analysis by CryptoQuant author Woominkyu, the increase in open interest (OI) indicates investors' belief that the XRP price will rise.
What's Happening on the Ripple Front?
According to Woominkyu's research report dated June 18, the increase in open positions along with the increase in the price of XRP indicates that investors are opening more positions in anticipation of the price increase. However, this may also lead to increased price volatility. Therefore, investors are warned to be careful.
According to Binance data, the XRP price has been in a downward trend since the beginning of the year and is trading at $0.49, down over 19% since the beginning of the year. XRP's open interest began to increase on June 11, and these upward expectations may be due to developments in Ripple's lawsuit against the Securities and Exchange Commission (SEC). A potential deal could be a sign of relief for investors.
XRP Chart Analysis
XRP may increase in price by the end of June depending on an important technical chart formation. On the daily chart, XRP has formed a descending triangle, a chart pattern that could signal a potential price breakout as the slices of the triangle narrow. If it can stay above the $0.47 support point, XRP price could see an upside.
Insofar as the price chart repeats the patterns that emerged after XRP broke out of a similar ascending triangle pattern in February 2024, XRP fractals also point to a potential breakout. Fractal patterns are used by technical traders to identify key support and resistance levels and potential trend reversals based on historical data.
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