XRP Price Outlook as Network Activity Hits 2-Month High — Will It Hold $1?

XRP price remains above the crucial $1 support despite a mild cryptocurrency market pullback. Network activity reached a two-month high, supporting cautious optimism. 

Bitcoin price trades below $63,000, while Ethereum stays under $1,900. Holding $1 could preserve XRP’s recovery outlook and encourage another short-term rebound attempt.

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XRP Open Interest Climbs to $2.74B as Trader Participation Grows

The activity in XRP derivatives was also bolstered by the rise in trading volume of 16.52 to reach $1.55 billion which indicated expanded participation in the markets.

Open interest increased 1.41%  to $2.74 billion, indicating traders held larger positions in the XRP derivatives markets.

The more pronounced volume growth indicates an increase in short-term activity, whereas the growing open interest indicates that derivatives traders are still confident.

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Is XRP Price Preparing for a Rebound as Network Activity Reaches a Two-Month High?

XRP was under increased pressure this week as declining prices drove retail sentiment to the lowest point in three months. The worsening mood followed XRP’s failure to sustain a recovery, with its market value falling below the important $1 level.

The activity of the XRP Ledger was adjusted in the opposite direction, which formed a significant contrast with the negative view of social perspectives. One 24-hour period shows that the network captured 49,929 active addresses, according to data provided by Santiment. 

The amount was the largest daily activity level recorded on the XRP Ledger in over 2 months. Previously activity had dropped down to yearly lows in July, and the recent increase was a substantial shift in network participation.

Can XRP Price Hold $1 Support and Target $1.05 Next?

At the time of writing, the XRP price traded at $1.002, following a prolonged decline from July’s highs. The token is close to the psychological support of $1.00 that the trading has been stabilized at recently.

XRP continues to trade below the $1.02 resistance level on the four-hour timeframe. This wall served as a support prior to the recent collapse.

The Relative Strength Index is at 41.57; the value indicates upward momentum, but XRP is still below the neutral 50 value.

The MACD line, meanwhile, is at negative 0.0055. It has crossed the signal line at negative 0.006.

The histogram has turned slightly positive at 0.0005, indicating an early bullish crossover. Nevertheless, the two lines are below zero, and the recovery signal is still weak.

The short-term upside objective is at $1.02 where the XRP has been repeatedly rejected. Four hour close above this may justify a rise to $1.05.

Further gains above $1.05 may open the path toward $1.08 and $1.10. These positions were formerly valuable consolidation points in July.

On the negative side, the most significant near-term support is still $1.0. A break under it may put XRP at risk of being exposed at $0.98. Further fall below $0.98 can drive the price to the $0.95 support level.