XRP price is setting a new footing as it continues with the bullish leg during the Asian session on Monday. Interest in the cross-border money remittance token is rising, especially with open interest and derivatives volume increasing concurrently.
XRP Price Market Movers: Open Interest, Volume and XRPL TVL
- XRP price will likely retest $0.6 resistance in the American session if support at $0.58 holds. Several factors back the bullish outcome, including major increases in the futures open interest by 1.62% to $649 million, volume by 113% to $1.64 billion, and a staggering 212% to $2k in the options volume, Coinglass data revealed.
- The surge in XRP futures and options volumes and OI signals heightened market activity and volatility. This could indicate increasing investor interest and immense potential for significant Ripple price movement. For these factors to remain bullish, buyers must control prevailing market sentiment in their favor.
- The XRP Ledger (XRPL) dramatic decentralized finance (DeFi) total value locked (TVL) decline from $13.2 million to $260k is a bearish signal for XRP, as per Defi Llama. Note that reduced DeFi activity can dampen investor sentiment and potentially lead to a slump in demand for XRP. It may exert downward pressure on the XRP price unless offset by other positive factors like a stronger technical macroeconomic structure.
Ripple Price Analysis: Bulls Take Control
XRP price is inching closer to breaching $0.6 resistance. The token sits on support at $0.58 with a descending trendline providing additional support marginally below. It is worth noticing that XRP breaking $0.64 could ignite a rally toward $0.7, boosting overall optimism.
The Moving Average Convergence Divergence (MACD) reinforces the bullish thesis with a buy signal and holding above the neutral zone. Green histograms toward the positive region as a sign of relief to investors who feared a possible downswing to $0.5.
XRP sits on top of all three short-term moving averages, including the 20-day, 50-day, and 200-day EMA. The crossover of the 20-day EMA above the 50-day EMA suggests pressure building behind Ripple to support a modest recovery above $0.6.
Traders will look for a break above $0.6 to validate the uptrend. However, should XRP price fail to close above this crucial level, a retest of $0.58 support may follow. Further price movement will depend on key macro factors, how markets react to the FOMC meeting minutes, and Fed Chair Jerome Powell’s speech at the Jackson Hole Economic Policy Symposium in Wyoming.
The post Will XRP Price Stay Bullish? Targeting $1 As XRPL TVL Plunges appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed