XRP continues to trade above a key support level of $2.50, showing bullish momentum amidst market volatility.
XRP Maintains Bullish Structure
XRP continues trading above the $2.50 level which was confirmed by a rising trendline from recent lows. The current chart indicates that holding above $2.50 is crucial for sustaining upward momentum.
Traders Focus on Open Interest
XRP's open interest rose by 2.7% to $5.49 billion, indicating increased interest in long positions. Despite a decline of over 40% in daily derivatives volume, new leveraged positions are being established.
Technical Analysis and Support
Technical indicators continue to reflect strength. The MACD for XRP/USD is in the bullish zone, and the RSI remains above 50. The price is also trading above the 100-hourly Simple Moving Average, suggesting ongoing support from market participants.
XRP maintains a bullish trend above $2.50, with potential targets towards $2.80. Sustaining current levels will be key for maintaining the bullish momentum.
