XRP Price Retains Breakout Potential Despite 5% Open Interest Slip
Highlights
- XRP price has showcased unusual fluctuations in the past 24 hours
- The spot and futures interests are waning, a sign of more distress ahead
- With broader Ripple ecosystem fundamentals growing, XRP price breakout may soon emerge
The price of XRP is in consolidation mode as the broader market has maintained its broad-based fluctuations. While retaining its spot as a top-three digital currency, XRP’s growth path was initially derailed; however, the current outlook suggests the growth potential remains intact. As of writing, the coin’s price was trading for $2.128, up by 1.52% in the past 24 hours.
XRP Price and Conflicting Data Trends
The coin’s growth path has not been particularly straightforward in the past 24 hours. By printing lower lows and lower highs, it has been largely difficult to determine its next direction. The 1.43% surge in the past 24 hours is a decoy, as XRP is currently below its highest level of $2.174, which it attained for the day.
Meanwhile, XRP has maintained a positive outlook over the past seven days, with its price up by 11.72% during this period. Key performance metrics tied to the Ripple-backed coin also show a conflicting trend. Earlier XPR price analysis signaled a possible death cross amid the conflicting trend
The trading volume dropped by 13% in 24 hours to $3,439,251,046.17. At its peak, it topped $4 billion in 24 hours. The Open Interest data from Coinglass also shows a 5.3% slump. With this drawdown, only 1.45 billion XRP, valued at $3.1 billion, was committed in the futures market.
While these show reduced interest in spot and futures markets, the XRP price has remained resilient. The XRP/USDT daily chart shows a neutral Relative Strength Index (RSI) at 49. This is proof that the selling pressure has slowed down.
Per the chart, the Bollinger Bands also shows reduced volatility for the coin.
What Next for the Ripple Coin?
The fate of the top coin is still tied to the broader industry trend. There are signs it might print a solo breakout soon.
In CoinShares’ digital asset report for the past week, only XRP recorded an inflow, while Bitcoin and Ethereum recorded outflows. This signals resilience with the asset among institutional investors, a trend that might contribute to a potential price rebound if sustained.
Part of the possible trend that may impact XRP price moving forward is the hype around Ripple Labs and its business expansion. Recently, Ripple acquired Hidden Road, a prime brokerage firm, to enter the mainstream financial market. As detailed, XRP and RLUSD are on track to play a role, a move that may boost their valuation.
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