XRP's price has risen more than 10% since Thursday when Ripple and the U.S. Securities and Exchange Commission (SEC) agreed to drop legal appeals.
XRP futures volume surpasses Solana.
The trading volume of XRP futures surged more than 200% in the past 24 hours, reaching $12.4 billion, surpassing Solana at $9.6 billion, according to on-chain data from Glassnode.
Increasing futures contract volume often reflects greater interest from traders and speculative activity, especially following significant news events. In the case of XRP, it was the conclusion of the long-standing lawsuit between the SEC and Ripple.
Open Interest (OI) — the value of unsettled futures contracts also increased by 15%, reaching about $5 billion.
With a 0.01% funding rate (daily funding fee), XRP's positive funding rate indicates that the majority of traders are in long positions, expecting prices to continue rising.
Glassnode warns that opening too many long positions could also increase downside risk. This suggests that traders using excessive leverage may face liquidation risks, thereby accelerating the correction if prices reverse from the current level.
XRP's capital allocation data shows that the $2.8–$2.82 range holds the largest supply cluster, with over 1.7 billion tokens purchased at these price levels.
The concentration of this holder base could serve as a crucial support level if prices correct, as many profit-taking traders may defend their entry price.
Technical analysis of XRP's price suggests a forthcoming increase of 35%.
XRP's upward momentum has helped the price move above the upper trendline of the bullish flag pattern. Trading volume has also increased, confirming the momentum behind the breakout.
According to traditional analysts, the target increase of the bullish flag pattern is calculated by adding the height of the previous uptrend to the breakout point.
For XRP, this indicates a target above $4.5 — approximately 35% higher than the current level, which could be reached in September or October.
The possibility of the U.S. Federal Reserve (Fed) cutting interest rates in September could also add appeal to risk assets like XRP.
The $4.5 target also aligns with the forecasts of many analysts in recent weeks.
Among them, Mikybull Crypto predicts that XRP's price will rise to $5–$8 by the end of 2025, while Dom gives a forecast of $10.