XRP Price Eyes $3.31 ATH as Traders Add $1.6 Billion This Week
XRP has struggled to gain upward momentum over the past few weeks, preventing altcoin prices from posting any significant gains.
Still, traders remain optimistic, as evidenced by their recent behavior, which reflects growing confidence in a potential recovery.
XRP traders look for opportunities amid price recovery
Market Sentiment for XRP Open interest increased significantly this week by $1.6 billion. The increase from $2.71 billion to $4.3 billion highlights traders taking active positions in anticipation of a potential price recovery. The increase in open interest reflects increased participation and interest in taking advantage of XRP price movements.
Furthermore, XRP’s funding rates remain positive, further indicating the bullish sentiment among traders. This is in line with their optimistic outlook and suggests many are ready to take advantage of any price increases.
On-chain transactions XRP trading volumeHowever, a more cautious picture is painted. A large portion of trading volume has been in the red since the beginning of the year. This ongoing trend reflects many deals priced below acquisition cost and could dampen long-term investor sentiment if it continues.
If trading volumes continue to be dominated by losses, it could undermine traders’ current optimism. This scenario could trigger a pullback, erode momentum, and potentially impact XRP’s ability to break through key resistance levels.
XRP Price Prediction: Range Fluctuations in the Future
Ripple price It is currently consolidating and trading sideways within a certain range. The altcoin remains below the $2.73 resistance and above the $2.18 support. This narrow band Highlighting the uncertainty surrounding the next major price move.
If the major factors persist, XRP may continue to stay in this area. There is a possibility that the price could break below the $2.18 support, which could push the price down to $1.94, indicating a bearish turn for the altcoin.
However, the broader market sentiment turning bullish could change XRP’s trajectory. XRP may rise further if it breaks above the $2.73 resistance with strong support from traders. In this case, the altcoin could reach a new all-time high (ATH) of $3.31, reinforcing the optimism traders have shown in recent weeks.
Disclaimer
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