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The XRP Futures Open Interest Surge of 32% – are entrepreneurs bullish or bearish?

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Key Takeaways:

XRP has gained 25% since April 7, and its open interest rose 32%.
The activity of the positive area of the market contrasts with a neutral rate of futures funding, featuring a tug-of-war between entrepreneurs.
Analysts still have duplicate price targets for XRP.

XRP’s (XRP) The price fell a year-to-date less than $ 1.61 on April 7, but gained 25% over the past two weeks as the broadly crypto market was recovered and the XRP was open interest.

XRP, market, price review, market review — *The XRP futures open interest. Source: Coinglass*

Altcoin’s Open interest It has advanced 32% from $ 3.14 billion to $ 4.13 billion between April 21 and 23, which signed the return of derivatives. Futures oi increase alongside the price indicates a bullish sentiment, but the data from Velo Painting a different picture.

Based on the negative combined -with the premium in open interest, the XRP Futures Market continues to fight against the increase in XRP prices. The funding rate remained close to 0, indicating a neutral bearing between the bulls and bears.

The combined -with the spot tape Cumulative Volume Delta became positive in April. This indicator measures the net difference between aggressive purchase and sale of trading in different exchanges. When the green turns and rises above the zero, it indicates increasing purchase pressure, with market buying trade beyond sales trade.

Despite increasing interest in futures, data suggests that the price of XRP remains caught in a tug-of-war between bullish spot and bearish market activity.

Is the XRP reserved for the double-number?

Following the XRP price bomb, Sistine Research, a Crypto investment community, posted a bold prediction for XRP, Forecasting A lasting target between $ 33 and $ 50. The prediction is based on a higher time frame (HTF) symmetrical triangle reflecting the 2,600% rallies of 2017. The platform suggested that an optimistic target could drive prices as high as $ 77- $ 100.

For the context, the XRP currently costs $ 2.23 with a market cap of $ 131 billion. A $ 33 target adds a market cap to ~ $ 2 trillion (1,400 %+), which is more than the current Bitcoin cap.

From a lower-time perspective (LTF) perspective, the XRP shows an opposite head-and-and-shoulder pattern, which can test the resistance range between $ 2.50 and $ 2.67. The resistance range also coincides with the extension levels of Fibonacci drawn from the base of the neckline to the lowest point of the head.

Although the KaMag -child Index Index (RSI) is close to excessive territory, suggesting a potential pause in price movement in the current range.

This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.