Ripple's XRP is showing many positive signs ahead of a strong price breakout.
The price of XRP is currently near $2.29 with many indicators like Open Interest rising, whales accumulating, and legal moves facilitating a potential increase of about 15%.
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XRP's Open Interest surged from $3.5 billion to nearly $5 billion in 2 weeks.
Large whales accumulated nearly 1 billion new XRP, and smaller whales also bought an additional 30 million XRP.
The bullish triangle pattern and the possibility of approving the XRP ETF could help the price move towards $2.60.
What important signs indicate that XRP could rise strongly?
Financial experts state that the increase in Open Interest and whale concentration reflects market expectations for a new advancement in XRP.
XRP's Open Interest has increased from $3.5 billion to nearly $5 billion in just about two weeks. This is a sign that many investors are betting on the price increase potential of XRP. Additionally, the hearing of Ripple's CEO, Brad Garlinghouse, before the US Senate on cryptocurrency regulations could be a catalyst for XRP to explode if there is positive information.
The hearing of Ripple's CEO could determine the future of XRP in the US market, being a turning point for tightening or expanding the regulatory framework.
Brad Garlinghouse, CEO of Ripple, June 2024
How does the possibility of XRP ETF approval affect the price trend?
Financial analysts believe that the approval rate for the XRP ETF is currently up to 90% based on predictions from specialized markets, expanding the opportunity for sustainable price increases.
According to predictions from the Polymarket market, the likelihood of an XRP ETF being approved before the end of 2025 is up to 90%. This is the result of Ripple's recent legal victories and the wave of cryptocurrency ETF acceptance in the United States. ETFs are seen as an expanded investment channel, attracting new capital inflows, reinforcing the price increase of XRP.
How are XRP whales operating in the market?
On-chain data shows that whale wallets holding between 100 million to 1 billion XRP have increased their holdings by nearly 1 billion new coins, creating significant buying pressure to support the price.
Not only large whales, but also smaller whale groups holding between 100,000 to 1 million XRP have also bought about 30 million XRP in the past two weeks. This concentration move shows strong confidence in the XRP outlook, increasing market strength and pushing the price higher.
Why is Ripple determined to apply for a banking license and how does it affect XRP?
Ripple's pursuit of a banking license builds investor confidence in the transparency and safety of the ecosystem, thereby enhancing the value of XRP.
If successful in obtaining a banking license, Ripple will enhance its credibility in the eyes of investors and financial institutions. This license not only helps expand services but also boosts confidence in Ripple's long-term development plans, thereby indirectly elevating XRP's value in the market.
What technical price models indicate that XRP is about to break out?
The bullish triangle pattern is forming on the XRP chart, indicating a potential breakout above the $2.29 threshold, with a target approaching $2.60.
According to technical analysis, the ascending triangle pattern is often a strong signal for a forthcoming price increase. If XRP breaks and maintains above the resistance level of $2.29, the price could increase by about 15% to $2.60. The RSI and ADX indicators also show that demand is still dominant, reinforcing a positive forecast for this upward trend.
The bullish triangle pattern often opens up opportunities for strong and sustainable upward momentum in the cryptocurrency market.
Nguyen Minh Hung, cryptocurrency technical analysis expert, 2024
Frequently Asked Questions
What does the increase in XRP Open Interest mean?
An increase in Open Interest indicates that capital flows and market expectations are pouring into XRP, helping to forecast a price uptrend.How do XRP whales affect the price?
Whales accumulating large amounts of XRP help increase liquidity and create significant buying pressure, supporting stable price increases.What impact does an approved XRP ETF have?
Approval of the ETF expands the investment channel for XRP, attracting more institutional investors and pushing the price higher.How does Ripple's banking license affect XRP?
The license enhances Ripple's credibility, increasing investor confidence and the value of XRP.What does the bullish triangle pattern on the XRP chart signify?
This pattern often signals a strong price increase if the price breaks through the important resistance level.
Source: https://tintucbitcoin.com/xrp-sap-tang-15-manh-me/
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