Traders Bet Big as XRP Open Interest Blasts Through $3 Billion Barrier
- XRPs open interest soared to $3.61 billion, signaling renewed trader confidence and a potential bullish breakout for the altcoin.
- Analysts predict XRP could reach $2.60 to $17.50, depending on key resistance levels and chart patterns like the Ascending Broadening Wedge.
- Despite the optimism, risks remain high, with a possible 70% downside that could see Ripple crash to $0.65 if support fails.
XRPs open interest has surpassed the $3 billion mark within 24 hours, bringing new attention to Ripples native cryptocurrency XRP. Per CoinGlass data, Ripple open interest reached $3.61 billion, indicating that traders are highly bullish on the altcoins price movement.
XRPs surge in open interest, a measuring metric used to determine the value of outstanding futures contracts, is on the rise, indicating optimism in the market, in which XRP seems set to breakout.
XRP Bullish Signals Amid Explosive Open Interest Growth
Crypto analysts have jumped in to comment on Ripples bullish momentum. Market analyst Ali Martinez stated that XRP is likely to move to $2.60 if it manages to hold the crucial support level at $2.00, which means a 30% increase.
Moreover, crypto analyst Egrag Crypto suggested a wide angle, arguing XRP could rally to $17.50, but only if it closes above $3.50 and retests $1.90 first.
Per Egrags analysis, an ascending broadening wedge pattern looks to be forming, which could signal a bullish breakout soon. This aligns with the potential July 21 cycle peak, leading to higher prices. He did, however, caution that a downside move is still very likely, even predicting a fall to $0.65 in the absence of bullish sentiment, which Egrag suggests has a less than 30% probability.
With such conflicting predictions, it remains clear that traders are placing aggressive bets on Ripple and expecting significant volatility. The surge in open interest indicates that all attention is focused on Ripples asset as it nears a critical inflection point.
Read more: https://www.tronweekly.com/traders-bet-big-as-xrp-open-interest-blasts/
Text source: TronWeekly
