XRP Price Jumps 22% Following $100 Million Inflows : What’s Next

13 июл.

XRP Price Jumps 22% Following $100 Million Inflows : What’s Next?
XRP price surged nearly 22% a week, validating the breakout of an interesting pattern on a daily chart.
The Open interest contracts have jumped from $375 Million to $475 Million rising $100 Million a week.

XRP price took a big leap and surged over 8.5% today surpassing the key 50 day Exponential moving average. Moreover, the intraday rise marks the breakout of an interesting channel pattern.

Furthermore, the recent development in XRP derivatives data has sparked an optimistic hope for the investors. The OI contracts have noted a surge of nearly $100 Million a week indicating a long buildup.

Earlier, XRP had been in a correction phase since mid April and had dipped nearly 40% from its recent highs. The recent breakout marks the end of a correction phase. It has a live market capitalization of $28.79 Billion and ranks 7th in the cryptoverse.
OI Data Suggests Long Buildup
XRP recovered from $0.42 level and made a breakout of a falling wedge pattern. The breakout was supported by a significant 20% rise in the volume. The intraday transaction volume has reached $1.85 Billion a day.

In tandem with the price development, there has been a robust development in the Open Interest data. As per an on-chain analytics website, the OI data surged by nearly $100 Million rising from $375 Million to $475 Million in a week.

The surge in OI data points to a long buildup in XRP. A surge in OI data reveals a rise in the outstanding contracts and increased market activity. The volume to market cap ratio lies near 6.73% indicating mild volatility. Out of 100 Billion total supply, nearly 55.8 Billion XRP tokens are currently in circulation.
XRP Looks Promising for 25% Bullish Rally
The daily chart highlights a breakout from a falling wedge channel pattern indicating the initiation of a new bullish phase. Moreover the breakout is supported by a significant rise in transaction volume and Open interest adding confirmation to a bullish breakout.

At the time of writing, XRP was up over 8.5% a day, exchanging hands close to $0.514. The bulls are in control of the trend at the moment due to which XRP price may keep soaring.

On the higher side, the analysts are assuming an upside potential of nearly 25% till the $0.64 level. On the contrary if the price suffers and looms back below the lower trendline, it may confirm a fake breakout and the price may suffer more.
Can XRP Continue To Rise?
XRP surged over 8.5% today, surpassing the 50-day EMA and breaking out of a falling wedge channel pattern. Moreover, the breakout is supported by a significant increase in transaction volume and open interest thus validating the breakout. The OI data has surged by $100 million in a week to $475 Million.

The daily chart highlights that XRP rebounded from $0.42, breaking out of a falling wedge pattern. Currently trading around $0.514, XRP shows bullish momentum. If the price continues to rise, it could reach $0.57 and $0.64. However, if it falls below the lower trendline, it may indicate a fake breakout and resume a downward trend.