XRP News Today: XRP Futures Open Interest Surges 41.6% to $3.42 Billion

XRP futures open interest has surged by over $1 billion in the past week, rising from $2.42 billion to $3.42 billion, marking a 41.6% increase. This significant rise in leverage has fueled speculation that bullish sentiment is strengthening rapidly. Concurrently, XRP’s price has jumped from $2.14 to approximately $2.54, indicating that traders are placing increasingly confident bets on further upside.

The rapid climb in open interest strongly implies that a large number of leveraged positions are entering the market. This kind of aggressive speculative behavior often signals growing directional conviction among traders. Notably, this isn’t the first time XRP has seen such a surge. Back in January, a similar spike in Open Interest preceded a price rally that took XRP from $2.30 to $3.30 in under a week.

Analysts view the current trend as a continuation of bullish sentiment returning to the altcoin. Crypto analyst Ali Martinez noted that XRP has cleared significant resistance levels. On-chain data shows that XRP has no major resistance clusters ahead, while the key support zone to watch sits at $2.38. This, Ali Martinez suggests, could lead to even more upward movement, provided the current bullish momentum holds.

The recent breakout above the $2.26 level was a key technical event. For weeks, analysts pegged $2.00 as a crucial support level for XRP. Once the asset surged past $2.26, it signaled a potential restart of its bull run. Now, even after a temporary halt near $2.70, XRP remains stable above $2.50. This price range has now become a new base of support, with the $2.38 zone acting as a buffer against potential pullbacks.

Martinez also pointed out that with no significant resistance zones ahead, XRP may continue climbing with little opposition. These indicators have fueled a wave of price predictions. Analysts at AllInCrypto project a long-term target of $19. Others forecast a more conservative high of $5.40.

As of the latest trading data, XRP is trading at $2.53, posting a 3.28% gain over the past 24 hours and a 21.16% increase over the past week. Its daily trading volume currently exceeds $10.6 billion, with a market cap sitting near $148.6 billion. These metrics reinforce the growing interest and strong liquidity backing the asset’s bullish case.