Ripple’s (XRP) price is known for its inability to follow market uptrends due to uncertainties. However, XRP responded excellently to the weekend’s rise, reaching its highest level in three months and outperforming the market. Investors seem to continue injecting money into XRP, supporting this rare uptrend.
Ripple Investors See Price Increase
XRP price continues its upward movement, backed by investors‘ bullish expectations. An important data point is seen in XRP’s Open Interest (OI). XRP’s OI value increased by 70%, reflecting growing optimism about XRP’s rise. This increase was evident as OI jumped from $443 million to $753 million.
Investors taking long positions on XRP’s price rise aligns with this increase in Open Interest. This significant rise indicates growing confidence among market participants in further price increases for XRP. Additionally, there was a substantial increase in network participation for XRP. The number of investors conducting transactions on the network rose from 27,000 last week to a peak of 43,700 this week.
However, considering the bullish outlook, there is a possibility that the upward movement may soon stabilize. This situation could be followed by potential corrections, which might put potential XRP investors in a challenging position.
What is XRP’s Price in TL?
While the future direction of XRP is unknown, it has reached a new resistance level, and demand continues to rise. The existing demand for XRP in the market reflected a breakout of the ascending triangle formation that formed in April.
After the potential breakout, there was a widespread belief last week that the price could stay above $0.61, but it declined. Currently, the price has returned above $0.61. As of the time of writing, XRP is trading around $0.6161. In the XRP/TRY pair, the price is at 20.41 TL.
As of the time of writing, if the price stays above the mentioned level, it could turn the 38.2% Fibonacci retracement line ($0.61 level) into support. This price could pave the way for new rises in XRP. However, if the support is lost again, the bullish thesis could be reversed.
