The main dishes to remember:
The price of XRP (XRP) shows positive signs because a Haussier technical model emerges on its weekly table, coinciding with an increasing open interest.
Increase in the XRP Upsy backs
The price of XRP is down 2% in the last 24 hours to negotiate above $ 2.40 on May 16, but won 13% in the last two weeks while the wider market of the cryptocurrency recovered and the open XRP (OI) had jumped.
The ON jumped 53% of $ 3.61 billion to $ 5.53 billion between May 8 and 14, before dropping slightly to $ 5.06 billion on May 16. The term contracts increasing along the price indicate a bullish feeling.
Historically, significant ioi increases have preceded the major rallies of the XRP price. For example, the current scenario reflects the XRP price pump as the US president Donald Trump approaches in January, leading to a 70%rally, going from a hollow of $ 1.99 on December 31, 2024, to a seven -year summit of $ 3.40 on January 16.
In relation: Is the XRP price rally over yet?
Although XRP financing rates have overturned positive, they remain relatively neutral, around 0.0065%, indicating a balanced feeling on the market despite increasing speculation.
XRP price price paints are recovered in the shape of a V
The ACTION OF XRP prices has formed a V-shaped recovery model on the weekly candle table since mid-January, as indicated below.
A V -shaped recovery is a bullish scheme formed when an asset is increased by net price after a sharp drop. It is finished when the price goes to the resistance at the top of the V training, also known as the neck.
XRP seems to be on such a trajectory, and the bulls must return $ 2.60 in support to increase the chances that the price increases to $ 3.00. Higher than that, the next logical movement would be the neckline at $ 3.40 to supplement the V -shaped pattern. This would represent a 40% increase compared to the current price.
The relative resistance index, or RSI, has gone from 43 to 56 in the past six weeks, suggesting that the bullish momentum resumes.
Several analysts have also predicted additional gains for XRP, as long as key support levels are maintained.
Crypto Egrag Crypto analyst shared an optimistic price prediction for XRP, claiming that the escape of a triangle descending within the daily time could see the XRP price resets the $ 3.40 zone.
The DOM market analyst stressed that XRP must contain $ 2.40, which is above all its average weighted prices depending on the volume (VWAP) and all the major mediums of moving, to maintain a bull.
XRP “saw a clear break in VWAP bands earlier this week and pushed directly to the high value zone (VAH) where the price has stalled,” said the analyst in his latest X on X, adding: adding: adding: adding: adding: adding: adding: adding: adding: adding: adding: adding: adding: adding
“For the immediate structure to remain intact, we want to see the bulls defend them.”
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
