As a seasoned crypto investor with over a decade of experience in this ever-evolving market, I find myself intrigued by the recent bullish momentum of XRP. The rising open interest and derivatives volume are not just numbers on a screen for me; they’re indicators of increased market activity and potential for significant price movement.
As I analyze the market trends on Monday’s Asian session, I’m observing a significant shift in XRP‘s price, establishing a new foundation for its growth. The surge in interest for this cross-border money remittance token is undeniably evident, particularly as open interest and derivatives volume show a simultaneous increase.
XRP Price Market Movers: Open Interest, Volume and XRPL TVL
- XRP price will likely retest $0.6 resistance in the American session if support at $0.58 holds. Several factors back the bullish outcome, including major increases in the futures open interest by 1.62% to $649 million, volume by 113% to $1.64 billion, and a staggering 212% to $2k in the options volume, Coinglass data revealed.
The surge in XRP futures and options volumes and OI signals heightened market activity and volatility. This could indicate increasing investor interest and immense potential for significant Ripple price movement. For these factors to remain bullish, buyers must control prevailing market sentiment in their favor.
- The XRP Ledger (XRPL) dramatic decentralized finance (DeFi) total value locked (TVL) decline from $13.2 million to $260k is a bearish signal for XRP, as per Defi Llama. Note that reduced DeFi activity can dampen investor sentiment and potentially lead to a slump in demand for XRP. It may exert downward pressure on the XRP price unless offset by other positive factors like a stronger technical macroeconomic structure.
Ripple Price Analysis: Bulls Take Control
As an analyst, I’m observing that the price of XRP is gradually approaching the potential resistance level at around $0.6. Currently, it’s holding steady near the support level of $0.58, and a downward trendline offers additional support slightly below this point. It’s interesting to note that if XRP manages to surpass the $0.64 mark, it could trigger a surge toward $0.7, thereby enhancing overall positivity in the market.
As an analyst, I find the Moving Average Convergence Divergence (MACD) bolstering my bullish stance with a buy signal and maintaining itself above the neutral zone, offering reassurance to investors wary of a potential dip towards $0.5. The appearance of positive green histograms signifies a sense of relief in the market, indicating that the fear of a downward trend may be abating.
XRP currently resides above its three short-term moving averages: the 20-day, 50-day, and 200-day Exponential Moving Averages (EMA). The crossing of the 20-day EMA over the 50-day EMA implies growing pressure behind Ripple, potentially driving a modest increase in its value above $0.6.
Traders are searching for a jump over $0.6 to confirm the upward trend. But if XRP‘s price doesn’t manage to end its day above this significant threshold, there could be a return to the $0.58 support level. The direction of future price action will hinge on significant global economic factors, such as the FOMC meeting minutes’ impact and Jerome Powell’s speech at the Jackson Hole Economic Policy Symposium in Wyoming.
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2024-08-19 21:00