In the last seven days, the price of XRP has traded within a close range of $1.97 and $2.20 in the cryptocurrency market. However, XRP holders are still bullish, as 1.67 billion XRP have been committed by traders in open interest within the last 24 hours, with signs that the price has likely bottomed out.
XRP open interest fuels bullish expectations
CoinGlass data show that this leap in open interest has seen investors commit $3.58 billion to XRP’s future or contract options. This suggests that investors are anticipating a price breakout soon, hence the increase in opened futures contracts.
XRP is worth $2.15, representing a 3.32% increase in the last 24 hours, per CoinMarketCap data.
The uptick in price coinciding with increased open interest supports the potential for a more sustainable price rally.
However, more capital inflows are needed to trade XRP and sustain the momentum. The coin’s trading volume has declined by 4.53% to $4.69 billion.
If the market records an influx of XRP investors, the coin could stay above the $2.20 price level and find support there. This could help halt the pullback XRP has been experiencing after every sharp rise in gains.
XRP’s Bollinger Bands have also left some traders wondering if the potential rally is ahead amid investors’ bullish bets.
Rare XRP growth catalysts to watch
Overall, XRP has shown signs of recovery and is teasing a possible breakout attempt supported by ecosystem activities. If bulls can support a push to $2.30 and it stabilizes, XRP may ride that wave to reclaim $3.
The broader financial market trade tariff war could lead investors back to crypto, with XRP being one of the assets likely to catch their interest.
Related
Notably, XRP has already caught the attention of Scottie Pippen, an NBA legend who believes in crypto’s advantages amid the global tariff drama. In a recent post, Pippen listed XRP as one of his assets of interest.
Such sentiment may likely fuel XRP’s rebound to the $3 level in this current cycle.
