XRP's Open Interest Surges 100% to $3.61 Billion, Bullish Outlook

XRP’s open interest has surged in the last 24 hours, reaching as high as $3.61 billion. This significant increase indicates a substantial interest in the altcoin, suggesting a bullish outlook as traders are heavily betting on it. According to CoinGlass data, this surge in open interest provides a positive sentiment for XRP, as it reflects the growing confidence and investment in the cryptocurrency.

Crypto analyst Ali Martinez has predicted that Ripple’s native crypto could rebound soon. In a recent post, Martinez stated that if XRP can maintain its position above the key $2 level, it could experience a 30% move toward the channel’s upper boundary at $2.60. This prediction is based on the current market conditions and the potential for a bullish reversal.

Another analyst, CasiTrades, has suggested that if XRP breaks above $2.24, it could surge to $2.70. This potential breakout could pave the way for Ripple’s native crypto to rally to a new all-time high. However, it is important to note that market conditions are volatile, and there is still a possibility that the altcoin could drop to new lows.

A market analysis by CoinGape revealed that Ripple’s price is at a crossroads, with a wedge pattern signaling a potential 70% crash or a 700% surge. This analysis highlights the uncertainty in the market and the potential for significant price movements in either direction.

Crypto analyst Rex has also predicted a bullish reversal for XRP. He stated that a breakout is imminent and that this is the most obvious play of the cycle. According to his accompanying chart, XRP could rally to as high as $2.90. This prediction is based on the current market trends and the potential for a bullish reversal.

Crypto analyst Egrag Crypto has provided a more detailed analysis of the potential paths for XRP. According to Egrag, the XRP price could drop to $0.65 or rally to $17. This prediction is based on an Ascending Broadening Wedge pattern that is currently forming for the altcoin. Egrag stated that XRP first needs to close above $3.50 for a solid start.

Egrag also noted that if XRP hits the $5 range but doesn’t close above it convincingly, there is a higher chance of the formation playing out. He asserted that XRP must retest $1.90 after being rejected from the $5 range. Once that happens, the altcoin will need another attempt to close above $5, ideally hitting $6 and closing above that level. If this occurs, Egrag affirmed that XRP will likely blast to double digits within two to three weeks.

The target move for this Ascending Broadening Wedge is a potential $17.50. This aligns with another prediction in which Egrag stated that the XRP price could rally to double digits by the July 21 cycle peak. However, Egrag warned that there is still a 70% chance that XRP breaks to the downside and only a 30% chance for an upside breakout. If the altcoin breaks down, the analyst claims the measured move would take Ripple’s native crypto back to $0.65.