Main takeout:
The XRP (XRP) price shows positive signs as it matches an optimistic technical pattern on the weekly chart and matches the increase in open interests.
Increasing OIs increases XRP
The XRP price has fallen 2% for more than $ 2.40 on May 16 in the last 24 hours, but it has increased by 13% over the last two weeks as the broader Cryptocurrency market has recovered and the XRP public interest (OI) has soared.
The OI surged from $ 5.3 billion to $ 5.55 billion to $ 5.3 billion to $ 5.3 billion from May 8 to May 14, from $ 5.3 billion to $ 5.3 billion in May 16.
Historically, the significant increase in OIs was the priority over the main rally at the XRP price. For example, the current scenario reflected the XRP price pump at the inauguration ceremony of US President Donald Trump in January, leading to 70% rally from $ 1.99 on December 31, 2024 to $ 3.40 in seven years on January 16.
relevant: Is the XRP price over now?
The XRP financing rate showed a positive positive flip, but it shows a balanced market sentiment despite the fact that it is relatively neutral and is about 0.0065%.
XRP Price Chart Paint V -shaped recovery
The price action of XRP has formed a V -shaped recovery pattern on the weekly candle chart since mid -January as shown below.
V -shaped recovery is a strong pattern formed when assets experience a sharp price increase after a steep reduction. It is completed when the price goes up to the resistance at the top of the V formation, which is also called the neckline.
XRP appears to be in such a trajectory, and Bulls must re -support $ 2.60 to increase the possibility of price increase to $ 3.00. The higher the more, the more the next logical movement is a $ 3.40 neckline to complete the V -shaped pattern. This indicates that it is 40% higher than the current price.
Over the last six weeks, the relative strength index or RSI increases from 43 to 56, suggesting that optimistic propulsions are increasing.
Some analysts also predicted additional profits for XRP as long as the main support level was maintained.
Crypto analyst EGRAG Crypto has shared an optimistic price forecast for XRP and said that the XRP price from the descent triangle for a day can be seen again $ 3.40.
Market Analyst DOM emphasized that XRP should have $ 2.40.
XRP said earlier this week a clear rest of the VWAP band and pushed it directly to the price of VAH (Value Area High), ”he added in the latest X analysis of X.
“I want to see Bulls defending this if the immediate structure is not damaged.”
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.