XRP is reclaiming its position in the market with a sharp increase in futures trading volume. Over the past 24 hours, the trading volume reached $3.96 billion, highlighting XRP amid the overall sluggishness of altcoins.
Reasons for the Price Surge
The excitement surrounding XRP is linked to its approach to a key resistance level at $2.14. As the price neared this threshold, traders in the derivatives market rushed to buy, resulting in an increase in the funding rate and open interest.
Open Interest Skyrockets
In just 24 hours, open interest in XRP surged by 5%, adding $550 million in new futures positions. Binance leads the charge, handling 30.58% of XRP futures volume worth $1.21 billion, with Bybit and OKX contributing $793 million and $520 million, respectively.
XRP Price Prediction
Despite the current price being below $3, analyst Egrag Crypto believes a significant breakout could occur. He suggests that XRP could surge to $27 within the next two years, pointing to a repeating fractal pattern from 2017 that appears to be forming again on the charts.
Currently, XRP shows signs of renewed confidence among traders. A breakout above the $2.14 resistance level may serve as a catalyst for further growth.
