XRP, the cryptocurrency backed by Ripple Labs, is making headlines once again as its price hits levels not seen in three years. But this surge is about more than just a price spike—there’s something bigger happening beneath the surface.
Futures open interest for XRP has skyrocketed to a record $2.10 billion, sparking talk of another potential rally. Could XRP be on the verge of repeating its 2018 performance, when it soared to $3?
With traders watching closely and the battle with SEC still taking new twists every week, the road ahead remains unpredictable as it is exciting. Keep reading to find out where XRP might be headed next.
Over the past week, XRP has surged more than 97%, standing out as one of the top-performing assets in the crypto market. Despite a slight dip from its peak of $1.25, XRP continues to show strong momentum.
The excitement extends beyond XRP’s spot price—futures trading is seeing a significant increase as well. On Saturday, open interest in XRP futures reached a new high, with over 2 billion tokens, worth nearly $2 billion, held in futures contracts. This increase in futures activity shows that more traders are betting on significant price movements.
Nick Forster, founder of a DeFi protocol, also pitched in:
“The rise in XRP futures open interest shows more traders are interested, which often means they expect prices to go up.”
However, not everyone agrees. Data shows 51% of traders are betting on prices falling, showing mixed views about XRP’s future.
XRP hits new highs, but could a correction be on the horizon? Want to know where it’s headed next? Read the latest XRP price prediction!
Ripple’s legal battles have significantly influenced XRP’s recent success. In July 2023, a federal judge ruled that XRP is not a security when sold to retail investors. This decision brought much-needed clarity, lifting uncertainty around XRP for years.
While Ripple was fined $125 million for institutional sales, the ruling was seen as a major victory for the company and its community. Perhaps, the SEC has appealed the decision, with a deadline set for January 2025.
XRP’s recent price movements remind many of its historic rally in 2018 when it soared to $3. Bullish chart patterns, like a symmetrical triangle formation, have fueled speculation that XRP could reach those heights again.
However, analysts caution that a drop below $1.1380 could trigger a correction, with key support levels at $1.05, $0.93, and $0.88.
With growing trader activity, legal clarity, and technical bullish signals, XRP’s future looks promising, but the road ahead will likely be a mix of excitement and challenges.
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