According to Cointelegraph, XRP has experienced a notable increase in value, rising 25% since April 7, following a year-to-date low of $1.61. This surge coincides with a broader recovery in the cryptocurrency market and a significant rise in XRP's open interest, which has jumped 32% from $3.14 billion to $4.13 billion between April 21 and 23. This increase in futures open interest suggests a bullish sentiment among derivatives traders. However, data from Velo indicates a contrasting perspective, as the negative aggregated premium on open interest shows that the XRP futures market continues to bid against a price rise. The funding rate remains near zero, reflecting a neutral stance between bullish and bearish traders.
The aggregated spot tape cumulative volume delta turned positive in April, indicating increased buying pressure as market buy trades surpassed sell trades across various exchanges. Despite the rising interest in futures, XRP's price appears to be caught in a tug-of-war between bullish spot market activity and bearish perpetual futures. Analysts maintain double-digit price targets for XRP, with Sistine Research, a crypto investment community, forecasting a long-term target between $33 and $50. This prediction is based on a higher time frame symmetrical triangle pattern reminiscent of the 2017 rally, which saw a 2,600% increase. Sistine Research suggests that optimistic targets could drive prices as high as $77-$100.
Currently, XRP is valued at $2.23 with a market cap of $131 billion. Achieving a $33 target would increase the market cap to approximately $2 trillion, surpassing Bitcoin's current market cap. From a lower-time frame perspective, XRP exhibits an inverse head-and-shoulders pattern, potentially testing the resistance range between $2.50 and $2.67. This resistance range aligns with Fibonacci extension levels drawn from the neckline's base to the head's lowest point. The relative strength index (RSI) is nearing overbought territory, suggesting a possible pause in price movement at the current range. Readers are reminded that this article does not contain investment advice or recommendations, and every investment and trading move involves risk. It is advised that individuals conduct their own research when making investment decisions.
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