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Highlights
- XRP price upholds $0.58 support despite a major drop in the XRPL TVL to $260k.
- The MACD flaunts a buy signal as traders rush to take long positions.
- Increased futures market volume, open interest, and options volume hint at accumulating bullish sentiment.
- XRP must reclaim $0.6 to negate the potential decline to $0.5.
XRP price sets the stage for a rally as it takes advantage of the bullish leg noted during the Asian session on Monday. The remittance token’s demand among investors is increasing as noted with the open interest and derivatives volume spike.
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.
Frequently Asked Questions (FAQs)
1. How will the TVL crash affect XRP price?
2. Will XRP price reach $0.7 in August?
3. Which other factors may influence XRP price movement?
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