According to Cointelegraph, XRP (XRP) experienced a 5% increase in its price, trading at $0.6278 on September 29. This rise is part of a recovery trend that began on September 6, with the remittance token climbing over 10% in the past 30 days, driven by a notable increase in its open interest.
Data from Cointelegraph Markets Pro and TradingView indicates that XRP rose from a low of $0.5027 on September 6, reaching an intraday high of $0.6335 on September 29. The total cryptocurrency market capitalization also saw a slight increase of 0.4%, reaching $2.29 trillion. As a result, XRP became the third-highest gainer among the top-100 cryptocurrencies by market value over the last 24 hours.
Crypto YouTuber Raajeev Anand highlighted that traders are increasingly betting on XRP to see significant price movements. Anand noted that XRP has shown substantial price movements with predictions and immediate targets around $0.66. He suggested that XRP could see a significant increase, potentially reaching targets like $2 or even higher figures such as $4.2 or $9.98 due to bullish patterns observed in its chart.
Anand explained that the market sentiment around XRP has been largely positive, with analysts pointing to formations like a breakout from a symmetrical triangle and a golden cross, among other bullish indicators suggesting strong momentum for further price increases. XRP’s price action on the weekly timeframe reveals a bullish breakout from a symmetrical triangle that has persisted since 2020. A sustained rally above this chart formation could see XRP price rise toward the bullish target of $2.0.
Pseudonymous analyst Jadee_757 also pointed out that the relative strength indicator (RSI) has sent a rare bullish signal on the monthly chart. Jadee_757 noted that if XRP closes above the next week, it would be the most bullish event in the last seven years. Meanwhile, another crypto analyst, Captain Faibik, mentioned that XRP had completed and broken out of the falling wedge, confirming a massive breakout for the token’s price toward $3.9, with a short-term target of $2.3.
The surge in XRP’s price on September 29 follows a significant jump in its open interest (OI), which started rising on September 7, reaching approximately $932.3 million on September 29. This increase in OI, along with the price rise, often indicates a continuing trend. Additional data from CoinGlass reveals increasing demand for leveraged long positions in XRP, as indicated by the perpetual futures funding rate. The current 0.0113% eight-hour rate translates to a 0.23% cost over a seven-day period, suggesting that futures traders are bullish and expecting future price increases, which may indicate a continuation of the uptrend.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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