Ripple price broke above $0.66 on March 25 rise 17% within the weekly timeframe latest derivative market trends suggest traders are pining for more climb.
Ripple XRP has been climbed over few past week showing the broader mega cap crypto market trend.
XRP open interest crosses $1 billion for first time in 2 weeks
On March 11 bulls staged a breakout as XRP price climbed 18.5% within a frenetic 24 hour time frame to get the 2024 peak of $0.74.
The profit taking wave that followed triggered a correction below $0.60 within week.
Coin Glass open interest chart shows the real time value of total active futures contracts for specific cryptocurrency.
It is proxy for measuring the underlying asset’s market depth, overall investor interest, liquidity.
XRP open interest reached $1.02 billion on March 26 its highest since March 14. It also marks net capital inflow of $150 million since mega market dip recorded on March 20.
XRP spot prices spiked 19.4% between March 20 and March 26 while open interest has jumped by 15%.
This rare market suggest that current rally is deeply rooted in organic spot demand than speculative trading in futures market.
XRP price forecast: Next target, $0.75?
100% jump in bullish traders leverage activity organic growth in spot demand and potential hedging strategies from short traders, XRP price looks set for another leg up above $0.75.
The relative strength index RSI technical indicator current trend 53.2 affirms this bullish XRP price forecast.
It show 17$ price gains in past week there is room for growth before XRP market approach overbought territories.
XRP can break above mega resistance at $0.70 depicted by upper Bollinger brand a major breakout toward $0.75 could be on cards.
Bearish market downturn the $0.57 support level depicted by lower limit of Bollinger band indicators will be one to watch.
The range could see the bears regain control of market momentum.
Bulls raise leverage 100$ to capitalize on rally
XRP price outpacing open interest growth suggest stronger fundamental factors driving the ongoing rally such as increased adoption and positive ecosystems development like automated market maker AMM function on Ripple backed blockchain network.
