Ripple’s XRP has grown by 3% over the last 24 hours and is currently ranked as the top gain in the market. Token gatherings have seen a surge in derivative activity as XRP’s open interest rises to its highest level in three months.
An enhanced bullish bias allowed XRP to extend its upward trend in the short term.
XRP is leading the profits of the market
XRP’s public interest rate is $5.38 billion, up 17% during the review period. This surge occurs despite a market cooldown marked by a $14 billion decline in market capitalization over the past 24 hours.
XRP’s surge in open interest has increased investor engagement and boosted bullish sentiment around assets in the past day.
The open profit of an asset measures the total number of outstanding derivative contracts, such as unresolved futures and options. When it rises along with prices, it indicates that new money is entering the market.
In the case of XRP, jumps of both price and open interest suggest that bullish positions are increasing, strengthening the strength of the ongoing gathering.
Furthermore, technical indicators strengthen this bullish outlook. On the daily chart, measurements from XRP’s moving average convergence divergence (MACD) show that the MACD line (blue) is significantly above the signal line (orange).
The MACD indicator identifies trends and momentum in asset price movement. This helps traders find potential purchase or sale signals through a crossover between the MACD line and the signal line.
Like XRP, if the MACD line is above the signal line, it shows bullish momentum, suggesting that the price of the asset could continue to rise. Traders consider this crossover as a purchase signal. Therefore, the setup could raise demand and prices for XRP.
XRP bounces back key support and targets March highs at $2.71
The XRP token is currently trading at $2.55 and bounces support formed at $2.50. If this key support floor is enhanced, the price can be increased to $2.71.
However, this bullish outlook will be void if sales resume. In that scenario, the token price could fall below $2.50 and drop to $2.29.
Disclaimer
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