Originally published on: September 29, 2024
The XRP price experienced a 5% increase, reaching $0.6278 on Sept. 29 as part of a recent recovery that began on Sept. 6. This surge has seen the remittance token climb more than 10% in the last 30 days, fueled by a significant rise in its open interest.
Data from Cointelegraph Markets Pro and TradingView indicates that XRP jumped from a low of $0.5027 on Sept. 6 to an intraday high of $0.6335 on Sept. 29, a 26% increase.
The total crypto market capitalization also rose by 0.4% to $2.29 trillion, with XRP ranking as the third-highest gainer among the top-100 cryptocurrencies by market value in the last 24 hours.
Crypto YouTuber Raajeev Anand has predicted further price increases for XRP, with immediate targets around $0.66. Analysts are optimistic about XRP’s performance, citing bullish formations like a breakout from a symmetrical triangle and a golden cross.
Recent price action has shown a bullish breakout from a symmetrical triangle that has been in place since 2020. Analysts believe XRP could reach $2.0 if it maintains its momentum.
Technical indicators such as the relative strength indicator (RSI) have also signaled a strong bullish trend, adding to the positive sentiment around XRP.
XRP’s surge on Sept. 29 coincided with a significant increase in its open interest, which jumped by about 67% since Sept. 7, reaching $932.3 million. This rise in open interest suggests that the upward trend in XRP’s price may continue.
Data also shows an increasing demand for leveraged long positions in XRP, indicated by the perpetual futures funding rate. A high funding rate typically indicates a bullish outlook from futures traders, anticipating further price increases.
While this article does not offer investment advice, it highlights the recent surge in XRP and the factors driving its price increase. Traders are advised to conduct their own research before making any investment decisions.
