XRP’s retail search volume surged sharply, indicating heightened public interest.
Futures open interest remains strong, reflecting sustained market participation.
XRP price approaches resistance at $2.60, testing market strength.
Retail demand for XRP has exploded strongly in recent days, as the asset has seen significant price action coupled with increasing futures market engagement. Google Trends data indicates that worldwide web searches for the word "XRP" surged notably over the last 90 days. The search interest saw a strong increase during the latest time frame, indicating increased interest on the part of retail market participants.
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In contrast, XRP's value rose to $2.59, 5.6% higher in the last 24 hours. Market data indicate that XRP is trading between a high of $2.43 within the last 24 hours and a low of $2.60 within the last 24 hours. Notably, the $2.43 figure represents a critical support level, while resistance appears at $2.60. This convergence of technical points indicates the precarious balance between bearish and bullish trends on a short-term basis.
XRP Futures Open Interest Holds Strong, Supporting Ongoing Price Momentum
While that, open interest of XRP futures has remained healthy, reflecting long-term position keeping by derivatives traders. According to Coinglass data, open interest in XRP futures contracts has remained at elevated levels in recent months. This measures the total value of outstanding futures contracts, which moves in tandem with the ongoing price rally.
Source: Coinglass
The open interest trends also indicate the demand from market participants for leveraged exposure in XRP. As the open interest rises with price gain, this implies that traders are retaining directional positions and not closing them out. Nonetheless, market watchers will be looking to determine if open interest continues to grow or profit-taking cuts off prevailing momentum.
XRP Trades Tight Range Below $2.60 as Market Awaits Breakout Signal
The price of XRP has been anticipating a potential key resistance zone at $2.60 as the market gets increasingly advanced. This stage appears as a short-term resistance on technical analysis and a break could represent the next price range. But currently, XRP is still trading closely under this resistance level.
Over the last day, XRP has seen price closures between the resistance of $2.60 and the support of $2.43. Such a narrow distribution of trading is an indication that there is no strong conviction by players in the market to undertake strong actions. Meanwhile, Google search interest and futures activity offer further insight on the overall sentiment of the market with a wider rebound of XRP market interest.
