According to Cointelegraph, the XRP price is forming a bullish V-shaped rebound pattern, with a target price of $3.40. XRP's open interest (OI) surged 53% between May 8 and May 14, rising from $3.61 billion to $5.53 billion, before slightly dropping to $5.06 billion, indicating bullish market sentiment.
The XRP price has risen 13% over the past two weeks, and despite a 2% drop on May 16, it remains above $2.40. Historically, a significant increase in OI usually signals a substantial rise in XRP price.
Analysts predict that as long as key support levels hold, XRP may continue to rise. Market analyst Dom emphasizes that XRP must stay above $2.40 to maintain a bullish trend.
