XRP News Today: XRP Rebounds 2.4% on Strong Support Amid 142% Surge in Open Interest

XRP’s recent price action has sparked renewed optimism among traders and analysts following a sharp V-shaped rebound from a low of $2.97 amid broader cryptocurrency market volatility. The swift recovery, which saw the asset reclaim $3.20 within hours, has drawn attention to its potential for further gains. Market analyst Joa emphasized that holding above the critical support level of $3.17 is essential to confirm the reversal pattern and could catalyze a breakout past $3.30, a threshold that might open the door to resistance levels at $3.50 and the month’s high of $3.65 [1]. At the time of reporting, XRP traded at $3.16, reflecting a 2.4% increase in the past 24 hours. On-chain data from Coinglass reinforced this bullish outlook, revealing a 142% surge in open interest over the past month, underscoring heightened trading activity and growing long positions post-rebound [1].

Technical analyst XRPunkie highlighted that the recent 16% pullback from a 30-day high of $3.65 aligns with typical crypto market corrections. “It’s a healthy adjustment. Let it bottom out, and we should see a push toward $10-$15,” they noted, framing the $10-$15 target as a medium- to long-term possibility during a strong bull cycle [1]. While this range remains distant from current levels, the convergence of bullish technical indicators, renewed market interest, and favorable macroeconomic conditions for digital assets makes the projection plausible. XRPunkie’s analysis underscores the importance of patience, as the market digests short-term volatility while positioning for extended gains.

The asset’s immediate trajectory hinges on its ability to sustain the $3.17 support level. A successful hold would validate the V-shaped recovery and could trigger a rally toward $3.30, a psychologically significant barrier. Breaking past this level may attract broader market participation, including institutional buyers, amplifying upward momentum. Conversely, a breakdown could force consolidation, delaying further progress. Analysts caution that while the short-term outlook appears constructive, long-term projections like the $10-$15 target require sustained bullish momentum and favorable macroeconomic conditions.

Broader market dynamics, including regulatory developments and macroeconomic factors such as interest rates, remain influential variables. XRP’s resilience in a volatile environment has been evident, with traders closely monitoring key levels to gauge the strength of the recovery. The alignment of on-chain metrics and analyst commentary suggests a shared belief in the asset’s potential, though actual outcomes will depend on evolving market sentiment and liquidity conditions.

As XRP navigates this critical phase, the coming weeks will test its ability to maintain bullish momentum. A confirmed breakout above $3.17 could set the stage for a meaningful rally, while a failure to hold this level may prolong consolidation. For investors, the $10-$15 range remains a long-term aspirational target, contingent on favorable market cycles and sustained technical strength.

Sources:

[1] [XRP Forms a V-Shape Pattern with $10-$15 Still in Play] [https://coinpaper.com/10205/xrp-forms-a-v-shape-pattern-with-10-15-still-in-play]