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XRP has witnessed a massive surge in one of the most important metrics today. This comes as the crypto market initiated a slight-yet-essential upward trend. Bitcoin (BTC), the leading cryptocurrency on the market, has tested the $65,000 market, and analysts are predicting additional gains for it.
Generally, altcoins like XRP follow the price trend of Bitcoin. While the Ripple-associated coin has not ignited a prominent rally so far, it is expected to see notable gains in the near future. Bulls also appear to be preparing for this potential rally. After sitting on the sidelines for quite some time, it appears that investors are jumping on the XRP bandwagon again.
XRP gains bullish momentum
The trading volume of XRP, per CoinGlass data, has surged 47.03% during the last 24 hours. It is currently standing at the whopping $754.99 million level, showing the great interest in XRP from investors and traders. This shows that bulls are returning to the market in anticipation of a potential rally.
But this is not it. Open Interest (OI) for XRP has also surged 3.42% to the massive $751.31 million level. OI is another crucial indicator as it highlights the number of open positions for a coin. A rise in OI means that more investors are now entering the market. For XRP, it reveals that investors have stopped sitting on the sidelines. As of writing time, the Ripple-associated coin has surged 1.71% in the last 24 hours.
Currently trading at $0.5408, the XRP price has demonstrated the comeback of bulls with these gains. Moreover, it has successfully tested the $0.54 level while also clearing the resistance zone. XRP is now targeting the next resistance at the $0.56 level. Seeing the current market sentiment, it is likely that the coin may accomplish it.
Valeria Blokhina
Tomiwabold Olajide
Dan Burgin