XRP price rises 26% as open interest hits $932M

XRP (CRYPTO:XRP) has seen a strong price surge, gaining 26% since September 6.

This marks a recovery fueled by a significant increase in open interest (OI), which reached $932.3 million, the highest level in five months.

XRP’s price climbed from a low of $0.5027, gaining over 10% in the past 30 days.

Traders are increasingly optimistic about XRP’s potential for further price increases.

One trader, Raajeev Anand, predicts that XRP could aim for targets like $2 or even $4.2 based on recent bullish chart patterns.

Analysts point to formations such as a breakout from a symmetrical triangle and a golden cross as indicators of strong momentum.

On a weekly timeframe, XRP has broken out of a symmetrical triangle that has been in place since 2020.

If the rally continues, XRP could hit a bullish target of $2.0.

Another technical signal, the relative strength index (RSI), has shown a rare bullish indicator, suggesting that XRP is on track for significant gains if it closes above key resistance levels.

Additionally, the surge in XRP’s OI indicates strong market sentiment.

Rising OI, combined with increasing perpetual futures funding rates, suggests that traders are betting on further price increases.

As the cryptocurrency market enters the final quarter of 2024, XRP is positioned to continue its upward trend, with analysts closely watching the $2.0 and $3.9 price targets.

At the time of writing, the XRP price was $0.6437.