#XRP bulls hold steady, eyeing $3.00

XRP futures Open Interest surged by more than $1 billion in the past week, driving speculative activity towards the token.

Increasing trader interest keeps the XRP rally steady, with bulls aiming for highs above $3.00.

Risk appetite remains elevated as whales increase exposure to XRP, betting on extended gains in the short term.

Ripple’s (XRP) price trades broadly stable at around $2.60 on Wednesday, upholding the recent bullish trend as crypto markets cheer amid improved sentiment. An increase in exposure to XRP among the whales, especially those holding more than 10 million XRP, could accelerate the rally. The uptrend mirrors a noticeable increase in the XRP futures Open Interest (OI) by over $1 billion in the past week, pointing to rising trader interest.

XRP futures open interest soars by over $1 billion in a week :-

XRP's consistent price increase from the tariff-triggered crash to $1.61 in April continues to attract traders and investors. Glassnode’s data released Tuesday revealed a remarkable surge in the XRP futures OI by more than 41.6%, or over $1 billion, in leverage positions in a week. 

OI had been volatile since mid-February, peaking around $3.2 billion in late February before sliding to $2.2 billion around mid-March. Sideways fluctuations continued through April before surging to a three-month high of $3.42 billion.

Rising OI signals “elevated speculative activity and growing directional conviction,” Glassnode explained in an X post. OI represents the number of outstanding futures contracts that have yet to be settled.

Looking ahead: XRP bulls hold steady, eyeing $3.00

XRP’s price hovers around $2.60 at the time of writing, reflecting increasing trading volume and trader confidence in the uptrend targeting highs past $3.00. The cross-border money transfer token sits significantly above key moving averages, including the 50-day Exponential Moving Average (EMA) at $2.26, the 100-day EMA at $2.24 and the 200-day EMA at $2.02, adding credence to the bullish outlook.

The Moving Average Convergence Divergence (MACD) indicator in the daily time frame validates the bullish momentum as it lifts above the centre line. This, and the MACD line’s (blue) crossing above the signal line (red) and the expanding green histograms, suggest that XRP has the potential to close the gap toward $3.00.

XRP’s Relative Strength Index (RSI) at 69.71 nears overbought territory, reflecting robust bullish momentum. While this underscores a strong uptrend, it also flags a potential correction risk if traders opt to lock in profits at current levels.

The RSI’s potential reversal towards the midline of 50 could imply buyer exhaustion and a possible drawdown toward short-term support at $2.50, tested as resistance in March, the 50-day EMA at $2.26, the 100-day EMA at $2.24 and the 200-day EMA at $2.02.

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