XRP Open Interest Jumps by 35%, Traders Eyes on ATH
Chandan Gupta29 Nov 20242 min read
XRP, the native token of Ripple, is making waves in the realm of cryptocurrency with its impressive upside momentum. With a significant price surge of over 17%, XRP has outperformed top assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptocurrencies.
Whales and Traders Show Confidence in XRP
This notable surge has been caused by a bullish breakout from the long-awaited consolidation zone. Additionally, it has attracted significant interest from traders and investors, as reported by the on-chain analytics firm Coinglass. According to data from Coinglass, XRP’s open interest (OI) has skyrocketed by 35% in the past 24 hours and 7.9% in the past four hours.
This growing OI shows traders’ interest and confidence in one of the tokens and could support the altcoins in its upcoming rally.
Apart from traders’ strong interest, whales have also been heavily involved in XRP during the recent consolidation, as reported by the on-chain analytics firm CryptoQuant. The data shows that in the past week, while XRP was consolidating, whales and investors accumulated a significant 130 million XRP tokens.
These on-chain metrics show the strong confidence of traders and investors and suggest a potential buying opportunity and upside rally in the coming days.
XRP Technical Analysis and Upcoming Level
According to CoinPedia’s technical analysis, XRP appears bullish as it has recently broken out of a tight consolidation zone and is experiencing upside momentum. Based on recent price action, there is a strong possibility it could soar by 15% to the $2 level and potentially higher in the coming days.
However, technical indicators like the Relative Strength Index (RSI) suggest that the altcoin could experience a potential price correction in the coming days, as it is trading above the overbought zone.
Current Price and Market Outlook
At press time, XRP is trading at $1.71 and has experienced a price surge of over 17% in the past 24 hours. During the same period, its trading volume jumped by 75%, indicating heightened participation from traders and investors amid a bullish outlook.
