XRP has yet to generate bullish momentum over the past few weeks, leaving the altcoin unable to achieve significant price gains.
However, traders remain optimistic, reflected in their recent behavior, suggesting growing confidence in the possibility of a recovery.
XRP Traders Look for Opportunities Amid Price Recovery
XRP’s market sentiment has seen an upturn, with open interest increasing sharply to $1.6 billion this week. From 2.71 billion USD has increased to 4.30 billion USD, this growth emphasizes the positive positioning of traders in expectation of price recovery. The increase in open volume reflects active participation and renewed interest in capitalizing on XRP’s price fluctuations.
Additionally, the funding rate for XRP remains positive, indicating a bullish sentiment among traders. This is in line with their positive view, suggesting that many are ready to take advantage of any upward price movements.
However, XRP’s on-chain trading volume shows a more cautious picture. A significant portion of the trading volume has suffered losses since the beginning of the year. This trend shows that many transactions occur at prices lower than the purchase price, which could dampen long-term investor sentiment if it continues.
If loss-making volumes continue, it could erode traders’ current optimism. Such a scenario could trigger a downturn, reduce momentum, and potentially impact XRP’s ability to break key resistance levels.
XRP Price Prediction: Future In Range
The price of XRP is currently continuing in a range, trading sideways within a defined range. The altcoin remains below the $2.73 resistance level and above the $2.18 support level. This narrow range emphasizes the uncertainty surrounding the next important price move.
If current factors continue, XRP could get stuck in this zone. A decline below the $2.18 support could push the price down to $1.94, suggesting weakness for this altcoin.
However, a shift in broader market sentiment towards optimism could change XRP’s direction. If XRP breaks through the $2.73 resistance with strong support from traders, it could continue its upward momentum. In that case, the altcoin could reach a historic high of $3.31, reinforcing the optimism that traders have expressed in recent weeks.