XRP News Today: XRP Open Positions Surge 2.98% to $4.61 Billion on ETF Hopes

XRP has seen a significant increase in open positions, with a 2.98% spike reported by Coinglass, bringing the total to $4.61 billion. This surge indicates growing investor interest and expectations, particularly in light of the potential approval of exchange-traded funds (ETFs) for XRP. The increase in open positions is a crucial indicator of market sentiment and investor risk appetite, suggesting a bullish outlook for the cryptocurrency.

The anticipation of ETF approval for XRP has sparked considerable excitement among investors. Analysts predict that if XRP is approved as an ETF, it could act as a catalyst for market dynamics, potentially boosting interest and liquidity. However, the path to ETF approval is fraught with challenges, as evidenced by the setbacks faced by Grayscale and other applicants. These delays have introduced a degree of caution among stakeholders, but the possibility of ETF endorsement continues to drive investor expectations and market activities.

Despite the regulatory hurdles, the recent movements in XRP's open positions reflect broader market trends. The 11% increase in open interest for XRP derivatives within 24 hours, reaching $4.75 billion, underscores heightened institutional engagement. This surge in open interest, which has risen by 30% over the past 10 days, indicates a significant uptick in trader optimism. The open interest across XRP futures and options has jumped roughly 30%, with $3 strikes capturing the lion's share of the interest. This trend suggests that traders are betting big on a potential surge in XRP's price, with some predicting a rally to $3.

The price of XRP has gained nearly 4% after Ripple applied for a banking license, pushing it to a falling wedge resistance level. A breakout from this level could trigger a rally to $3.96. Hyperliquid whales are opening long bets on XRP, while open interest has surged to a monthly high of $4.62 billion. The price increase comes after Ripple applied for a banking license to drive the growth of the RLUSD stablecoin. As the broader market recovers on the backdrop of this bullish news, there is speculation that XRP could surge to $3.

Ripple’s quest for regulatory clarity following the recent banking license application has increased the interest of futures traders in the altcoin. Within 24 hours, Ripple’s open interest increased by 8% to $4.62 billion, its highest in more than one month. The rising open interest is from the traders who are opening long positions that the XRP price will rise, because the long/short ratio is back to a neutral level of 1, while it remains above 2 on Binance. Moreover, all the positions that had been opened by Hyperliquid whales on July 3 were longs at press time.

The recent surge in open interest and the formation of a falling wedge pattern suggest that XRP is poised for a significant rally. The falling wedge pattern, which typically indicates a trend change from bearish to bullish, has moved to the upper resistance trendline. If the price makes a strong close above this level and retests it as support, the rally could push the XRP price to $3.96. The RSI indicator is actively defending the 50 mean level, indicating that the momentum remains bullish despite facing weakness. If the indicator continues its ascent and forms a higher high, it will confirm the breakout from the trendline resistance and clear the way for the XRP price to rally to $3.96.

Legal clarity is sparking renewed interest from institutions, opening the door for future products like an XRP ETF. The XRP ledger is making headlines again as it triggered a major bullish signal with a Golden Cross forming on its 2-day Moving Average Convergence Divergence (MACD) chart. This signal, combined with the increased open interest and trader optimism, suggests that XRP is on the verge of a significant breakout. The recent application for a national banking license by Ripple further supports this bullish narrative, as it could pave the way for the mainstream adoption of its RLUSD stablecoin. If Ripple does get this approval, the XRP price will likely undergo a bull run that could mirror the December-January rally that pushed the altcoin towards $3.40.