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Ripple (XRP) has risen by about 11.4% in the past four days. One of the main drivers of this rise is the continued hoarding of coins by whales. The price broke above the key technical resistance level at $2.5, turning the short-term market sentiment decidedly bullish.  AMBCrypto’s latest report points out that the $2.5 to $2.77 range is an important resistance zone that bulls must conquer. The price is currently testing the stage high of $2.64. If it can successfully break through, the chance of rebounding to above $2.77 will be greatly improved. Under this trend, XRP's short-term price target is expected to hit $3 this week. At the same time, Bitcoin (BTC) has also exceeded $112,000, which is a strong boost to the overall market sentiment and further consolidates bullish expectations. Open interest returns to May lows, hinting at rebound potential  PelinayPA, an analyst at CryptoQuant Insights, pointed out in a report that XRP’s total open interest is currently just under $550 million, which is similar to the level in May. The market crash on October 10th led to a massive deleveraging that almost wiped out highly leveraged positions and laid the foundation for a new upward trend. Analysts believe that this situation often occurs in the early stages of a trend reversal. Open interest is currently recovering, and spot buying has increased significantly, giving XRP the opportunity to hit the $3 supply range. The analyst also added that if buying continues to be strong, the price could even reach $4.5 further.  Demand strengthens, buying volume increases, and bullish signals are gradually confirmed The recent bid/ask ratio is clearly skewed towards the buyers, which is a positive sign. Since May, whenever this has happened, XRP has tended to experience strong gains. Since August, the price has fallen back to the $2.8-3 range several times, accompanied by an increase in buy orders, which shows that the market has responded positively to this support area and has strong bullish intentions. Additionally, there was a significant increase in buying volume as XRP broke through local resistance at $2.55. According to CryptoQuant data, open interest grew from $550 million to $590 million in 24 hours, indicating a renewed flow of funds into the market. Cautiously bullish, key resistance has not yet been fully digested Although the overall trend is bullish, analysts caution that bulls still need to remain calm. XRP is still weak on the daily structure. Although the short-term market is optimistic, it still needs to break through a higher resistance zone to completely reverse the situation. Next, the $2.8–3 supply zone will be key in determining the direction of the next move. If it can steadily break through and stand above this range, XRP is expected to enter a new upward cycle ； Otherwise, it may still fluctuate within the range. The Bitcoin bull market has entered the second half, and the community has opened limited-time benefits and distributed selected potential coins for free. Scan the QR code or search WeChat ID: BNB7768 to add an assistant and join the group layout immediately.  |
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