XRP News Today: XRP Drops 2.98% Despite Bullish Futures Open Interest

XRP, the cryptocurrency associated with Ripple, has recently experienced a period of consolidation, with its price trading near the flatline and dropping below the $2.15 support level. This occurred despite a broader surge in the crypto market, leaving market participants eager for a significant catalyst to boost its value.

On the day of the report, XRP traded at $2.08, marking a drop of over 2.98% in a single day. The previous day saw the crypto touch a 24-hour high of $2.23 and a low of $2.18. The weekly performance of Ripple’s coin was relatively flat, while the monthly chart showed a decline of more than 9.32%. The Relative Strength Index (RSI) for XRP remained at 49, indicating a neutral state for the asset but also suggesting a potential robust rally ahead.

Derivatives data from CoinGlass showed that the XRP Futures Open Interest rose by around 5%, indicating that investors are bullish on the future trajectory of the coin. This data suggests that despite the recent price drop, there is underlying confidence in XRP's potential for growth.

Several experts have shared insights on the future trajectory of XRP. Analyst EGRAG CRYPTO noted that the current chart pattern of XRP resembles a classic triangle formation, which often leads to breakouts. Based on a 334-day triangle pattern, breakouts historically occur between 75% and 95% of the pattern’s duration, placing the expected window between early July and mid-September 2025. EGRAG CRYPTO also predicted that XRP could aim for a much higher price at around $17.50, evaluating past market cycles.

Another expert, CasiTrades, offered a short-term bullish outlook for XRP. According to her analysis, XRP must breach the $2.25 resistance to continue its rally. She noted that the crypto has found strong support at $2.145 and will remain bullish as long as this support holds. Clearing the $2.25 resistance is likely to trigger a robust rally, potentially pushing the price to $2.69.

Considering these analyses, it appears that XRP has the potential to continue its upward trajectory in the near future. While the $17.50 target may seem overly optimistic, many analysts agree that a price range of $10 to $15 is achievable, especially if bullish sentiment remains strong. The overall market sentiment and technical indicators suggest that XRP could see significant gains in the coming months, making it a cryptocurrency to watch closely.