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XRP is witnessing massive volatility, with its price nosediving from $2.22 to $2.10 within the last 24 hours. Despite this development, XRP holders remain bullish, as reflected in the over 1 billion XRP committed to open interest within the same time frame.
XRP predictions: $1.07 or $11
CoinGlass data reveal that the total number of outstanding XRP futures invested in derivatives by traders stood at 1.74 billion XRP. This volume of XRP is worth $3.65 billion per current market value.
The increased open interest above 1 billion suggests that market activity still encourages investors to commit funds to the asset. Notably, open interest remains one of the key metrics used to gauge investors’ confidence.
Arman ShirinyanAnalysts opine that investors' bullish sentiments could be due to XRP's resilience and performance in the broader cryptocurrency market.
For instance, in the last 365 days, XRP has soared by a staggering 240%. XRP’s performance is over 10 times that of the leading digital currency, Bitcoin, which grew by 20.8%. As such, holders could expect that XRP would continue on this trajectory in the long term.
Veteran traders have made diverse predictions about the possible price outlook of XRP. Peter Brandt has hinted that XRP’s head-and-shoulders pattern could drop the coin to $1.07 if it breaches the $1.90 support level.
However, Dark Defender predicts a price breakout that could hit between $10 and $11 in an over 500% surge. Ali Martinez says if XRP rises above $3, it could upturn the head-and-shoulders pattern and market outlook.
Will XRP break out before April?
Gamza KhanzadaevXRP has lost 5.69% of its value to trade at $2.09 as of this writing. However, trading volume remains in the green, with an uptick of 16.23% to $4.12 billion.
Market participants continue to anticipate an upward price shift as they close the final days of March. Only time will tell whether the breakout will occur before April.
Vladislav Sopov
Dan Burgin