XRP Futures Surge as Investors Bet on Continued Price Gains

XRP has seen more than 61% of futures bets placed in the past day being long positions, signaling investor optimism for further price gains. It stands out as one of the top-performing cryptocurrencies amidst the market’s recent recovery. It briefly touched $0.62, a price level not seen since March.

Over the past week, it has experienced a significant resurgence, boasting over 40% gains. In the last 24 hours alone, XRP, the sixth-largest crypto by market cap, surged nearly 15%, showcasing strong investor confidence and increased trading activity.

New ATH for XRP?

On-chain analytic platform Santiment reveals that trader sentiment has closely followed XRP’s recent price movements. It has been a key player in the market’s bullish trend.Crypto analyst Crypto Michael suggested that XRP might be on the verge of a “historic breakout.”

He highlighted a bullish pennant pattern that XRP has been forming over seven years, an unusually long consolidation period that could lead to a significant price surge.
Another analyst pointed out that it has broken the Relative Strength Index (RSI) resistance level, which previously triggered an explosive rally in 2017. This technical breakout indicates that XRP could be set for another substantial upward movement.

Following these developments, many traders and investors are keenly observing XRP’s next moves, with some anticipating another remarkable rally. Crypto commentator ‘Amonyx’ even predicts that XRP could reach a new all-time high in this cycle.

 

Majority of XRP Futures Bets Are Long

Data from Coinalyze shows that over 61% of XRP futures bets in the last 24 hours are long positions, compared to nearly 39% short positions, indicating a bullish outlook on XRP’s price.Open interest in XRP futures has surged significantly, currently exceeding $753.65 million.

Additionally, trading volume has increased by 45.41%, reaching $3.52 billion. This rise in open interest and trading volume points to new capital flowing into the market, reflecting expectations of further increases in XRP’s value.

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