Ripple’s (XRP) price has had one of the most impressive runs among top altcoins, hitting a three-month high.
The investors continue to pour money into the altcoin, supporting this outcome and further price increase.
Ripple Investors See a Rise
XRP price benefits from the broader market cues and bullishness from investors. Evidence of the same can be seen in Ripple’s Open Interest. Optimism in the market surged significantly as OI rose by 70%. This increase has seen the OI jump from $443 million to $753 million, reflecting heightened trading activity and interest in the cryptocurrency.
Traders are betting on a continued rise in XRP’s price, driving this surge in Open Interest. The substantial increase indicates growing confidence among market participants that XRP will experience further price gains.
Furthermore, participation in the network has also seen a massive increase. The number of investors conducting transactions on the network increased from the daily average of 27,000 to 43,700 at the peak this week.
This was the highest presence noted by XRP holders in the last three months. The price rise invoked interest from the investors, resulting in active addresses, which is generally considered a buy signal.
Read More: How To Buy XRP and Everything You Need To Know
However, considering the rise, there is a chance that the bullishness might saturate soon. This could be followed by corrections alongside a market cooldown, making buying at the moment a bad decision.
XRP Price Prediction: Uncertainty Arises
The direction the XRP price takes from this point is uncertain since the bullishness has seemingly peaked, but demand is still high. This demand has driven the altcoin to fulfill the bullish price target predicted by an ascending triangle in April.
The breakout followed by a rally would have placed the price at $0.61; however, that pattern failed. Nevertheless, the 40% increase over the last week pushed the altcoin back to the trading price of $0.61.
Read More: Ripple (XRP) Price Prediction 2024/2025/2030
Thus, the altcoin not only fulfilled the target but also flipped the 38.2% Fibonacci Retracement line into support. This will help the XRP price sustain the recent rise. However, the bullish thesis will be invalidated if the support is lost.
Disclaimer
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