The price of XRP (XRP) rose 5% on September 29 to trade at $0.6278. This is part of an overall recovery that began on September 6th and has seen remittance tokens rise by more than 10% over the past 30 days. Open interest has increased significantly.
XRP rose 26% from a low of $0.5027 on September 6 to an intraday high of $0.6335 on September 29, according to data from Cointelegraph Markets Pro and TradingView.
BTC/USD daily chart. source: TradingView
The total cryptocurrency market capitalization increased 0.4% to $2.29 trillion. Therefore, in the last 24 hours, XRP price performance has the third highest increase among the top 100 cryptocurrencies by market value.
Highest riser on September 29th. Source: CoinMarketCap
Traders are increasingly betting on XRP to see “significant price movements.”
Crypto YouTuber Raajeev Anand declared in a September 29 post on
“XRP could see a significant increase targeting a target such as $2 or even higher figures such as $4.2 or $9.98 due to the bullish pattern observed on the charts.”
Anand explained that market sentiment towards XRP is broadly positive. Analysts point to the formation of symmetrical triangle breakouts, golden crosses, and other bullish indicators that suggest strong momentum for the XRP price rise.
XRP’s price action on weekly time frames shows a bullish trend in a symmetrical triangle that has persisted since 2020. A sustained rise above this chart formation would see XRP price rise towards $2.0, which is the bullish target for the typical chart pattern.
XRP/USD weekly chart. source: TradingView
“Expectations are fueled by (several) technical signals, which indicate a strong bullish trend,” Anand added.
One of these indicators is the Relative Strength Index (RSI), which has sent a rare bullish signal on the monthly chart, according to anonymous analyst Jadee_757.
The analyst shared the following chart in a post on September 29: “RSI is peeking above the 7-year trend line!”
“If we close next week, this will be the most optimistic thing to happen in seven years! ”
XRP Monthly RSI. source: Jaydee_757
Meanwhile, another cryptocurrency analyst, Captain Faibik, confirmed a massive breakout in the token’s price towards $3.9, telling his over 96,000 followers on X that the price of However, they set a short-term target of $2.3.
source: Captain Pabig
relevant: Indian Supreme Court Recovers YouTube Account from XRP Scammers
XRP open interest hits 5-month high
Ripple’s XRP price surge on September 29 occurred after a significant rise in open interest (OI). Open interest is a key indicator used by traders and analysts to assess market sentiment and predict future price movements.
XRP’s IO has risen about 67% since September 7, reaching $932.3 million on September 29 along with its price. The last time XRP’s open interest reached this level was on April 12, 2024.
XRP open interest on all exchanges. Source: Coinglass
When prices rise with increasing OI, this often indicates that the trend will continue.
Additional data from CoinGlass shows that demand for leveraged long positions in XRP has increased over the past few days, as evidenced by perpetual futures funding rates.
XRP average perpetual contract 8-hour funding rate. Source: Coinglass
The current 8-hour rate of 0.0113% translates to a cost of 0.23% over a 7-day period, which has important implications for traders building futures positions.
Typically, a higher funding rate means futures traders are optimistic and expect prices to rise in the future, which could signal a continuation of the upward trend.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.