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Investors are increasingly investing in XRP with an optimistic outlook on the price rise. Could XRP be ready for more upward momentum? According to market analysis by CryptoQuant writer Woominkyu, the rise in open positions (OI) reflects that more investors are predicting an increase in XRP’s price.
What’s Happening on the Ripple Front?
Woominkyu highlighted the following points in a research report dated June 18:
“This trend shows that investors are opening more positions with the expectation of XRP’s price increase as open positions rise along with the price. This increased interest indicates more trading activity with XRP.”
However, the author also warned that this could lead to increased price volatility and shared the following statements:
“The increase in open positions along with the price may reflect investor expectations and actions but can also bring sudden market volatility, so caution is needed.”
According to Binance data, the XRP price has been in a downtrend since the beginning of the year and is trading at $0.49 with a year-to-date (YTD) drop of over 19%. XRP’s open positions started to rise on June 11, and the rise in expectations may be related to developments in Ripple’s lawsuit against the Securities and Exchange Commission (SEC).
On June 13, Ripple requested a penalty not exceeding $10 million, much lower than the $876.3 million legal penalty proposed by the regulator, citing the SEC’s settlement with Terraform Labs. Considering that the SEC has been in court with Ripple since 2020, alleging the sale of unregistered securities, a potential settlement could be a relief sign for investors.
XRP Chart Analysis
XRP could be on the path to a price increase by the end of June, based on a significant technical chart formation. In the daily chart, XRP has formed a descending triangle, a chart pattern that could signal a potential price breakout as the triangle’s slices narrow. This could lead to a rise in XRP price if it holds above the $0.47 support point.
The price chart indicates that XRP fractals also point to a potential breakout as long as the patterns that emerged after XRP exited a similar ascending triangle model in February 2024 are repeated. Fractal patterns are used by technical investors to determine fundamental support and resistance levels and potential trend reversals based on historical data.
