XRP open interest surged 42%, signaling strong conviction from leveraged traders.
Price broke above $2.38 support, confirming bullish structure with clean upside targets.
Neutral funding rate shows balanced sentiment, but overbought RSI suggests short-term caution.
Traders have once again turned their eyes toward Ripple's XRP. After weeks of sideways motion, fresh signals point to a possible breakout. Open Interest in XRP futures just surged by over 40%, hinting at revived market confidence. Price action has confirmed a key breakout, while funding rates stay surprisingly neutral. That contrast reveals quiet accumulation beneath the surface. As bulls fight to hold a key level, momentum could shift quickly—either into higher highs or renewed doubt.
https://twitter.com/johnmorganFL/status/1922664220039979029 XRP Holds Above Breakout Level as Futures Activity Heats Up
Binance data shows XRP futures Open Interest soared from $2.42 billion to $3.42 billion in one week. That $1 billion increase feels like a thunderclap in a quiet storm. The rally from $2.14 to $2.48 came with minimal change in funding rates, keeping sentiment balanced. Traders now appear eager, but not yet desperate. That combination can be fuel for a strong continuation—if support holds. XRP broke free from a descending channel that held the price down since March. The current level of $2.38 acted as resistance before and now serves as crucial support.
Staying above this line means bulls still hold the reins. Fibonacci projections suggest upside targets of $2.82, $3.01, and $3.38 if control continues. However, one warning sign flashes. The Stochastic RSI hovers near 98, deep in overbought territory. Momentum feels strong, but exhaustion could follow. If buyers lose steam, a quick pullback becomes likely. Still, no major resistance stands in the way—just open air ahead.
Neutral Funding Rate Shows Bulls and Bears Locked in Balance
The structure remains bullish while XRP floats above $2.38. Falling below may shatter confidence and trigger more selling. Traders should watch closely for signs of strength or cracks in the foundation. Despite the surge in leverage, the OI-weighted funding rate sits at just +0.0128%. That number reflects hesitation—not euphoria.
Neither bulls nor bears dominate. This rare equilibrium allows space for healthy price action to unfold. If traders pile in too fast, the market could turn and punish excess greed. But with neutral rates, that hasn’t happened yet. The next few days could decide everything. If bulls defend $2.38, momentum could catapult XRP toward $3.00 and beyond. This signals that the market is waking up.
XRP Open Interest spiked by over 40%, signaling renewed trader conviction. The price broke key resistance at $2.38, now acting as critical support. Fibonacci targets suggest potential moves toward $2.82 and higher if momentum holds. Neutral funding keeps sentiment balanced, giving bulls a chance for sustained upside.
