XRP Frenzy Builds: Over $1 Billion in Open Interest Signals Breakout Tension
XRP's price has risen to $2.61, marking a 22% gain over the past week, outpacing the broader cryptocurrency market's 12% increase. Open interest in XRP futures surged from $2.42 billion to $3.42 billion, a 42% rise, indicating new investments and expectations of further price increases. XRP is trading above its 10-, 50-, and 200-day moving averages, suggesting bullish trends. The relative strength index is at 68, nearing overbought territory, but still allows for potential upward movement. The XXRP ETF has seen consistent inflows, adding $14 million last week, totaling nearly $100 million in assets. Predictions indicate a 79% chance of US SEC approval for spot XRP ETFs, which could attract up to $8 billion in the first year. While current trends are positive, potential profit-taking, regulatory delays, or market downturns could hinder growth. Monitoring technical levels and ETF approval news is crucial for future movements.
