🚀 XRP Bulls Gear Up for Record-Breaking Rally as Futures Open Interest Surges
XRP is over $3.00, but $3.40 barrier inhibits price movement.
Speculative demand rises as XRP futures Open Interest exceeds $8.5 billion.
Current futures financing rates and volume support XRP's short-term positive outlook.
Ripple (XRP) consolidates above $3.00 support on Monday. Although its technical structure is favorable, profit-taking is slowing the advance.
After a major burst in Bitcoin (BTC) and Ethereum (ETH) values last week, cryptocurrency market sentiment may be cooling.
The cross-border remittance token welcomed Ripple and the US Securities and Exchange Commission (SEC)'s combined request to dismiss appeals, which might end the five-year legal war. Ripple will pay $50 million in settlement costs from $125 million in escrow.
XRP displays bullish derivatives.
Together with futures Open Interest, XRP is recovering. Averaging $8.5 billion on Monday, CoinGlass data showed OI, the notional value of outstanding futures or options contracts, rose. It rose 17% from $7.05 billion on August 3.
Over the same time, futures weighted financing rates rose to 0.0108% from 0.0004%, suggesting more traders are leveraging long XRP bets.
Trading volume rose to $12.64 billion as OI and financing rates recovered, indicating market growth.
After last week's macro-driven breakthrough, XRP is stabilizing above $3.00 and $3.40 barrier, despite probable profit-taking. Interest in XRP might push the price above July 18's record high of $3.66 if the futures market stays optimistic.
Technical outlook: XRP consolidates before breakthrough
XRP trades between $3.00 and $3.40. The Money Flow Index (MFI), which has returned above 40, shows more money entering XRP.
The rising 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) at $2.88, $2.66, and $2.39.
If XRP recovers below $3.00, these levels might absorb selling pressure and prevent a decline below $2.00.
