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🚀 XRP Eyes Major Breakout — $3 Resistance Faces Bullish Heat
XRP is projected to shatter its record high of $3.66 by 23%, demonstrating market optimism.
Traders leveraging positions increase XRP futures Open Interest and financing rate.
Rejection at $3.00 might stall the breakout.
Ripple (XRP) traded over $2.96 on Monday as cryptocurrency prices recovered. A break over $3.00 might improve XRP's technical structure, raising the odds of a 23% breakthrough to its July 18 all-time high of $3.66.
The XRP futures market revives after weeks of turbulence. Total Open Interest (OI) averaged $7.58 billion, up from $7.37 billion on Sunday, reflecting this optimistic view.
OI represents futures contract notional value. A steady climb suggests traders are repositioning after the fall from the all-time high, which found support around $2.72 on September 1.
The continuous rise in the futures funding rate to 0.0083% from 0.0047% on September 2 supports XRP derivatives' positive outlook. A consistent rise in this index shows more traders are leveraging long XRP holdings, boosting market sentiment.
Analysis of XRP's bullish structure
On the 4-hour chart, XRP is above the 200-, 100-, and 50-period EMAs at $2.92, $2.88, and $2.85, indicating market optimism.
A purchase signal from the Moving Average Convergence Divergence (MACD) indicator since Sunday suggests a positive result. XRP might go 23% over its present level and hit its record high of $3.66.
To confirm XRP's bullish potential, traders will seek for a short-term break over $3.00. However, with the Relative Strength (RSI) retreating from overbought area, a rejection may stall the climb above $3.66.
#xrp #Xrp🔥🔥 #AltcoinMarketRecovery #NasdaqTokenizedTradingProposal #BTCvsETH $XRP
XRP is projected to shatter its record high of $3.66 by 23%, demonstrating market optimism.
Traders leveraging positions increase XRP futures Open Interest and financing rate.
Rejection at $3.00 might stall the breakout.
Ripple (XRP) traded over $2.96 on Monday as cryptocurrency prices recovered. A break over $3.00 might improve XRP's technical structure, raising the odds of a 23% breakthrough to its July 18 all-time high of $3.66.
The XRP futures market revives after weeks of turbulence. Total Open Interest (OI) averaged $7.58 billion, up from $7.37 billion on Sunday, reflecting this optimistic view.
OI represents futures contract notional value. A steady climb suggests traders are repositioning after the fall from the all-time high, which found support around $2.72 on September 1.
The continuous rise in the futures funding rate to 0.0083% from 0.0047% on September 2 supports XRP derivatives' positive outlook. A consistent rise in this index shows more traders are leveraging long XRP holdings, boosting market sentiment.
Analysis of XRP's bullish structure
On the 4-hour chart, XRP is above the 200-, 100-, and 50-period EMAs at $2.92, $2.88, and $2.85, indicating market optimism.
A purchase signal from the Moving Average Convergence Divergence (MACD) indicator since Sunday suggests a positive result. XRP might go 23% over its present level and hit its record high of $3.66.
To confirm XRP's bullish potential, traders will seek for a short-term break over $3.00. However, with the Relative Strength (RSI) retreating from overbought area, a rejection may stall the climb above $3.66.
#xrp #Xrp🔥🔥 #AltcoinMarketRecovery #NasdaqTokenizedTradingProposal #BTCvsETH $XRP
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