Key Takeaways:
XRP (XRP) The price shows positive signs as a bullish technical pattern that has emerged in its weekly chart, which at the same time increases open interest.
The increase of OI backs xrp upside down
XRP price dropped 2% in the last 24 hours to trade above $ 2.40 on May 16, but gained 13% in the past two weeks while the broader cryptocurrency market recovered and XRP Open interest (Oi) climb.
The OI rose to 53% from $ 3.61 billion to $ 5.53 billion between May 8 and May 14, before dropping slightly to $ 5.06 billion on May 16. Futures OI rising next to the price indicates bullish emotions.
Historically, significant increases in OI have preceded the major rallies in XRP prices. For example, the current scenario reflects the XRP price pump in the run-up US president Donald Trump inauguration In January, leading a 70% rally from a low $ 1.99 on December 31, 2024, to a Seven years high of $ 3.40 Ay Jan. 16.
Related: Has the XRP price rally ended?
While XRP funding rates have been positively positive, they remain relatively neutral, around 0.0065%, indicating a balanced market -balanced sentiment despite the growing speculation.
XRP Price Chart Paints V-Shaped Recovery
The XRP price action generates a V-shaped recovery pattern in the weekly candle chart since mid-January, as shown below.
A V-shaped recovery is a bullish pattern formed when an property experiences a sharp price increase after a steep decline. It is completed when the price moves to resistance to the top of the V formation, also known as neckline.
The XRP appears to be in such a trajectory, and the bulls will have to flip the $ 2.60 back to support to increase price chances rising to $ 3.00. Higher than that, the next logical move is the neckline for $ 3.40 to complete the Pattern shape V. It represents a 40% increase from the current price.
The relative -child of the relative -child, or RSIrose from 43 to 56 in the past six weeks, suggesting bullish momentum.
Many analysts have also predicted additional acquisitions for XRP, as long as the basic support levels hold.
Crypto analyst Egrag Crypto shared an optimistic price prediction for XRP, saying That breakout from a descending triangle in the sun -day -time time can see the price of XRP retesting the $ 3.40 zone.
Market Analyst Dom emphasized That XRP must hold $ 2.40, which sits above all weight loss price (VWAP) and all major moves average, to maintain a continuation of continuation.
The XRP “saw a clear rest of VWAP bands earlier this week and pushed itself to the high value of high (VAH) where the price was stuck,” Analyst said of his latest X at X in X, adding:
“For the immediate structure to stay intact, we want to see the bulls defend them.”
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.
