Could Ripple's (XRP) Forthcoming Price Fluctuations be Unbounded? (Analyst)

Crypto analyst Ali Martinez has suggested that there are no significant resistance obstacles hindering Ripple's (XRP) upward trajectory. This is based on on-chain data that reveals no major resistance clusters ahead for XRP, and identifies a key support level around $2.38.

Concurrently, Glassnode's report indicates that XRP's recent rally, which pushed its price above $2.5, was primarily powered by leveraged positions. This suggests a growing confidence in the direction of the asset. This follows a significant increase in XRP Futures Open Interest of over $1 billion in a week, representing an increase of 41.6% to $3.42 billion.

The last time such a rapid increase in Open Interest occurred, XRP's price surged from $2.3 to $3.3 within a week.