XRP Price ‘Pennant’ Breakout Eyes 40% Rally to $3.20 as Open Interest Jumps 30%
Summary
XRP price confirmed a "pennant" pattern on the weekly chart, indicating potential upward momentum. Key factors include Ripple's application for a US banking license, SEC approval of Grayscale's ETF conversion, and a partnership with OpenPayd. XRP rose 7.2% to $2.31, with open interest increasing 11% in 24 hours and 30% over ten days to $4.75 billion, signaling renewed interest from derivatives traders. A bullish long/short ratio of 68% suggests confidence in XRP's upside potential. Following the breakout from the pennant pattern, XRP targets $3.20, representing a 40% increase, with some analysts predicting prices above $3 due to whale accumulation and institutional demand.
