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The XRP price rally is not slowing down as it continues to generate more momentum. Moreover, the trading activity is also surging as investors are jumping on the XRP bandwagon. As this bullish momentum has emerged amid Ripple’s huge win in the SEC case, it is likely that more gains are in the cards.
The value of XRP, as of writing this article, has surged 19.55% to $0.6176. Seeing the sustained momentum, it is expected that the coin is eyeing the $0.70 price level. While many think it is a long shot, XRP has already defied all the odds, so it will not come as a surprise if the coin achieves this momentous price level.
XRP price gets boost from traders
Moreover, XRP is getting strong support from traders during this time. As per data from CoinGlass, the trading volume of the coin has surged 566.18% in the last 24 hours. It is currently standing at a whopping $13.54 billion level. But this is not it. The Ripple-associated coin has also soared 49.17% in its open interest (OI) during this time.
Currently at the $718.52 million level, this rising OI suggests that traders are increasing their positions on XRP. While it can also lead to increased volatility, the support from traders indicates that more price gains are coming from here. The XRP price is already up 41.66% in the last 30 days, and these gains came at a time when the broader market crashed.
This means that XRP is in a strong bull run and it can manage a more sustained rally. Another bullish development for the coin is Ripple’s latest victory in the regulatory scenario. U.Today has previously reported about this huge update, which is likely to inject more bullish momentum in the market. Overall, XRP is getting support from everywhere, and the broader sentiment is positive.
Alex Dovbnya
