XRP Price Prediction: Ripple Recovers Gains, But Open Interest Drops Sharply
The post XRP Price Prediction: Ripple Recovers Gains, But Open Interest Drops Sharply appeared on BitcoinEthereumNews.com.
XRP dropped to $2.14 amid declining market confidence. Derivatives data showed a 2.66% dip in Open Interest and significant liquidation of long positions. Technically, XRP is trading near critical support levels, with immediate zones at $2.11 and $2.14. Wednesday was a bullish day for Ripple’s XRP, which hit intraday highs of $2.30 in the midweek. The rally is part of increased positivity in the crypto space, feeding off the better geopolitical resonance. U.S. President Donald Trump’s softened rhetoric toward Federal Reserve Chair Jerome Powell and more positive tone toward discussions with China lifted investor sentiment. As a result, digital asset prices across the board rallied on the hopes of easing tension, and progress was perceived. XRP Price Sees Rollercoaster Ride However, by Thursday, the pressure was back on XRP, losing to just below $2.14 during the European trading session. Nonetheless, the pullback itself is a signal indicating a change in sentiment across the entire crypto market with respect to short-term bullish momentum. Source: Coinglass CoinGlass data shows that XRP’s derivatives metrics have made a sharp decline. The Open Interest (OI), a gauge of active futures contracts, is down 2.66 per cent in the past 24 hours to $3.84 billion. A drop, however, is a reflection of the less appetites of speculators, that is, less trader confidence and a possible decline in trading activity. Along with the OI dip was a huge wave of liquidation. The long positions took a beating, and $10.05 million worth of leveraged buy trades were closed forcefully. Short liquidations, however, were seen by far lower numbers, around $3 million. Such an imbalance reflects the speed of a correction and an inflated number of selling activity, with bullish bets taken by surprise by market reversal. Further signals indicate that the market is cooling. Rising 24-hour long/short ratio…
Filed under: News - @ April 25, 2025 3:27 am