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Cryptocurrency XRP, one of the most voluminous altcoins in the market, experienced a price increase of approximately 3%, moving towards the $0.67 level but later saw some retracement. Meanwhile, this recent price movement coincided with a significant milestone in the XRP futures market, where open interest surpassed the $1 billion mark, indicating rising investor interest.
XRP Commentary
As of today, XRP was in the spotlight, particularly due to the ongoing Ripple Vs. SEC case. On the other hand, after a roughly 3% increase in price, the crypto market participants’ interest in XRP appeared to rise, although there was also some pullback.
Amidst all this, there was a general sentiment of increase across the cryptocurrency market. On the other hand, the XRP futures market crossed the $1 billion threshold, showing a notable rise in open interest.
According to data provided by CoinGlass, the open interest in XRP futures increased by 10.49%, reaching $1.05 billion, indicating a strong inflow into XRP derivatives.
Additionally, the XRP options market also saw noticeable growth, with open interest rising by 15.02% to $291,000. This movement not only highlights the growing interest of investors and traders in futures and options contracts but also emphasizes their increasing confidence in XRP’s potential for price appreciation.
The Future of XRP
In the midst of the XRP surge, crypto analysts continue to make price predictions about XRP’s potential price movements.
Dark Defender, known for his comments on XRP, once again shared his optimistic view on the altcoin’s price expectations, stating that it could easily reach levels between $0.6649 and $1.8815.
This prediction is supported by the increasing confidence of investors in the possibility of XRP breaking above critical resistance levels and maintaining its upward momentum.
On the other hand, another well-known market analyst, Crypto Tony, pointed out the $0.67 level for XRP, suggesting that if this level turns into support, it could pave the way for greater price increases.
While all these statements were being made, eyes were also on the XRP price. At the time of writing, XRP was trading at $0.6329.
