The post XRP Price Recovery Gains Momentum as Futures Open Interest Rises: Can It Reach $3.40? appeared on BitcoinEthereumNews.com.

XRP is on a promising journey to reclaim its past glory, with recent market movements suggesting a bullish trend ahead. Driven by a significant rise in open interest, XRP is poised for a potential breakthrough, reflecting heightened investor confidence. Experts note, “The rising open interest indicates a positive sentiment for XRP,” emphasizing the shift in market dynamics. XRP’s price recovery is gaining momentum, backed by rising open interest, as traders eye a potential retest of $3.40 in the coming weeks. Surging Open Interest Fuels Bullish Sentiment for XRP XRP’s price remains resilient, settling at approximately $2.40 as of May 16, after a slight decline of 2% over the past day. However, the cryptocurrency has experienced a robust gain of 13% over the last two weeks, largely fueled by positive trends in the broader cryptocurrency market and a notable spike in open interest (OI). The recent surge in OI, which climbed 53% from $3.61 billion to a peak of $5.53 billion, reflects an influx of new capital and bullish speculations among traders. Although OI witnessed a slight decrease to $5.06 billion on May 16, this overall increase hints at a strengthened market outlook for XRP. In historical context, significant increases in OI often precede major price rallies. For instance, a similar pattern was observed during the run-up to notable market events, including a remarkable 70% rally experienced by XRP from late December 2024 to mid-January 2025. Additionally, while funding rates for XRP have turned positive, currently hovering around 0.0065%, this indicates a balanced market sentiment amid ongoing speculation. Technical Indicators Reveal V-Shaped Recovery for XRP The current trading patterns indicate a developing V-shaped recovery on XRP’s weekly chart, signaling potential bullish momentum. A V-shaped recovery is typically characterized by a dramatic rise in price following a steep decline, culminating at the…

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Filed under: News - @ May 16, 2025 4:21 pm