XRP has recently seen a notable surge in open interest, driven by recent news involving the SEC as per CryptoQuant, an onchain data analytic firm. This surge indicates growing trading activity and suggests that investors expect XRP’s price to increase.
As open interest rises alongside the price, investors are opening more positions, reflecting heightened interest and activity in the XRP market. This trend, while promising, also calls for caution as it may lead to sudden market fluctuations. The current price of XRP stands at $0.492, showing a slight increase of 0.28% over the last 24 hours.
In the short term, XRP’s price has fluctuated notably, ranging between approximately $0.486 and $0.505. After reaching a peak of around $0.505, the price experienced a sharp decline, indicating a potential resistance level at this point. Subsequently, the price recovered and stabilized around $0.492.
This pattern suggests that $0.505 is a significant resistance level, as the price faced a strong sell-off at this point, indicating that sellers outweigh buyers at this level. Conversely, the immediate support level can be identified at around $0.486, where the price has rebounded multiple times, showing strong buying interest at this price point.
XRP Eyes Potential Breakout as Price Tests Key Resistance LevelsBesides these technical indicators, XRP’s market cap is currently at $27.28 billion, maintaining its position as the seventh largest cryptocurrency. The 24-hour trading volume, however, has decreased by 41.31%, standing at $1.44 billion. This decrease in volume could indicate reduced trading activity or investor interest, potentially affecting price volatility. Additionally, there are 55.57 billion XRP in circulation, accounting for 55.57% of the total supply.
The 1-day Relative Strength Index (RSI) reads 42.19, indicating a neutral position. The 1-day Moving Average Convergence Divergence (MACD) is trading below the signal line, suggesting some downward pressure on the price in the short term.
