XRP (XRP) has seen a remarkable price increase of 5%, trading at $0.6278 on September 29. This upward movement is part of a broader recovery trend that initiated on September 6. Over the past month, the remittance token has risen by more than 10%, buoyed by a significant increase in its open interest—a critical indicator of market activity. According to data from Cointelegraph Markets Pro and TradingView, XRP rebounded from a low of $0.5027 on September 6, climbing to an intraday high of $0.6335 by September 29.
The total cryptocurrency market capitalization experienced a slight uptick of 0.4%, reaching approximately $2.29 trillion. This performance positioned XRP as the third-largest gainer among the top 100 cryptocurrencies by market value in the last 24 hours. Crypto YouTuber Raajeev Anand remarked on the growing interest among traders betting on XRP’s potential for substantial price movements.
He pointed out that XRP has demonstrated significant volatility, with immediate price targets forecasted around $0.66. Anand speculated that XRP could potentially surge significantly, with optimistic targets suggesting the price could reach $2, or even aspirational figures like $4.2 or $9.98, driven by bullish patterns evident in its trading chart. Anand elaborated on the overall market sentiment surrounding XRP, which has been predominantly positive.
Analysts have identified several technical formations, including a breakout from a symmetrical triangle and a golden cross. These indicators suggest a robust momentum for further price expansions. XRP’s performance on the weekly timeframe has showcased a bullish breakout from a symmetrical triangle pattern that has persisted since 2020.
A sustained rally above this pivotal chart formation could enable XRP’s price to approach the bullish target of $2.0. Jadee_757, a pseudonymous analyst, also emphasized that the relative strength indicator (RSI) flashed a rare bullish signal on the monthly chart for XRP. He noted that a closing price above its recent high next week could mark the most significant bullish event for XRP in the past seven years.
Meanwhile, another analyst, Captain Faibik, indicated that XRP achieved a successful breakout from a falling wedge pattern, confirming a potentially massive upward price movement toward a target of $3.9, alongside a short-term objective of $2.3. The price surge experienced by XRP on September 29 came in tandem with a notable increase in open interest (OI).
This metric, which began its ascent on September 7, surged to approximately $932.3 million by September 29. A simultaneous rise in OI and price is a reliable indicator of an ongoing trend. Additional insights from CoinGlass reveal an increasing demand for leveraged long positions in XRP, as illustrated by the current perpetual futures funding rate of 0.0113% over an eight-hour period.
This figure correlates to a 0.23% cost over a week and suggests strong bullish sentiment among futures traders, who are anticipating future price increases—often indicative of a continuing uptrend. This analysis should not be misconstrued as investment advice or recommendations. Each investment and trading decision bears risk, and readers are strongly encouraged to conduct thorough research before proceeding with any financial commitments..