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Key takeaways:
XRP (XRP) has risen by over 10% since Thursday, when Ripple and the US Securities and Exchange Commission (SEC) agreed to dismiss their legal appeals against one another.
XRP futures trading volume spiked over 200% in the past 24 hours to $12.4 billion, overtaking Solana’s $9.6 billion, according to onchain data resource Glassnode.
Rising futures volume often reflects heightened trader interest and speculative positioning, especially after major news events. In XRP’s case, it’s the end of the long-running SEC vs Ripple lawsuit.
Open interest, which shows the value of unsettled futures contracts, also climbed 15% to about $5 billion.
At 0.01%, XRP’s positive daily funding rate suggested that most traders were taking long positions, anticipating further upside.
Heavy long positioning can also increase downside risk, Glassnode warned. That suggested overleveraged traders could face liquidations, potentially accelerating a correction, if the price turned lower from current levels.
XRP’s cost basis distribution data shows that the $2.80–$2.82 range holds the largest cluster of supply, with over 1.70 billion tokens acquired at those prices.
This concentration of holders could act as a key support level if prices pull back, as many traders in profit may defend their entries.
XRP’s rise further caused its price to break above the upper trendline of a bull flag chart pattern. Its volumes rose alongside, confirming momentum behind the breakout.
Traditional analysts measure a bull flag’s upside target by adding the height of the previous uptrend to the breakout point.
For XRP, this points to a target above $4.50, about 35% higher than current levels, by September or October.
A potential Federal Reserve rate cut in September could further fuel appetite for riskier assets like XRP.
The $4.50 target echoed multiple analysts in recent weeks.
That included Mikybull Crypto, who predicted the XRP price would climb to $5-$8 by 2025’s end, and Dom, who projected $10.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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XRP (XRP) has risen by over 10% since Thursday, when Ripple and the US Securities and Exchange Commission (SEC) agreed to dismiss their legal appeals against one another.
XRP/USD daily price chart. Source: TradingView
XRP futures volume surpasses Solana
XRP futures trading volume spiked over 200% in the past 24 hours to $12.4 billion, overtaking Solana’s $9.6 billion, according to onchain data resource Glassnode.
XRP vs other cryptocurrencies’ futures data as of Friday. Source: Glassnode
Rising futures volume often reflects heightened trader interest and speculative positioning, especially after major news events. In XRP’s case, it’s the end of the long-running SEC vs Ripple lawsuit.
Open interest, which shows the value of unsettled futures contracts, also climbed 15% to about $5 billion.
XRP open interest chart. Source: Glassnode
At 0.01%, XRP’s positive daily funding rate suggested that most traders were taking long positions, anticipating further upside.
XRP futures perpetual funding rate. Source: Glassnode
Heavy long positioning can also increase downside risk, Glassnode warned. That suggested overleveraged traders could face liquidations, potentially accelerating a correction, if the price turned lower from current levels.
XRP’s cost basis distribution data shows that the $2.80–$2.82 range holds the largest cluster of supply, with over 1.70 billion tokens acquired at those prices.
XRP cost basis distribution heatmap. Source: Glassnode
This concentration of holders could act as a key support level if prices pull back, as many traders in profit may defend their entries.
XRP price technicals hint at 35% gains ahead
XRP’s rise further caused its price to break above the upper trendline of a bull flag chart pattern. Its volumes rose alongside, confirming momentum behind the breakout.
XRP/USD daily price chart. Source: TradingView
Traditional analysts measure a bull flag’s upside target by adding the height of the previous uptrend to the breakout point.
For XRP, this points to a target above $4.50, about 35% higher than current levels, by September or October.
A potential Federal Reserve rate cut in September could further fuel appetite for riskier assets like XRP.
Target rate probabilities for the September Fed meeting. Source: CME
The $4.50 target echoed multiple analysts in recent weeks.
That included Mikybull Crypto, who predicted the XRP price would climb to $5-$8 by 2025’s end, and Dom, who projected $10.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Source link
The post XRP Price Jumps on 200% Futures Volume Surge: $4.50 Target in Sight appeared first on Panther AI.
Continue reading...