⚡ Ripple Ready to Rip? Key Catalysts Could Fuel XRP’s Next Leg Up
As investors assess risk-on mood, XRP recovers over $3.00 support-turned-resistance.
XRP futures Open Interest stays over $7 billion as weighted funding rate remains optimistic.
XRP remains above the 50-day and 100-day EMAs, with the RSI just over the midline.
Ripple (XRP) price rises again on Monday, trading little over $3.00. The cryptocurrency market's rise follows a volatile week, including the Federal Reserve (Fed) interest rate hold and US President Donald Trump's higher tariffs, most of which are expected to take effect on August 7.
First traders will wait for a daily closing over $3.00 to confirm XRP's ascent. With futures market Open Interest (OI) stabilizing after a major decrease, token interest may rise in the next sessions.
After peaking in July, the derivatives market plummeted. CoinGlass data shows that XRP futures OI peaked at $10.94 billion on July 18, fell to $7.05 billion last week, then rose marginally to $7.23 billion on Monday.
If the green line on the chart below stays above $7 billion and climbs steadily in future sessions, speculative demand might propel the next leg up to the July 18 record high of $3.66.
The graphic below shows financing rates falling before last week's sell-off. Since July, the XRP futures weighted funding rate has steadily declined from 0.0524% to the mean line before rising to 0.0090%.
XRP maintains above its short-term support around $3.00, up 11% from Saturday's $2.73 low. XRP is positive as it stands above the 50-day and 100-day Exponential Moving Average (EMA) at $2.79.
Traders are watching the $3.33 resistance level and the $3.66 record high. If support at $3.00 is breached, the 50-day EMA will absorb selling pressure, along with the 100-day and 200-day EMAs around $2.58 and $2.34.
