XRP is continuing to establish new price levels, nearing a significant technical resistance after a prolonged period of consolidation. Monitoring trader positions and recent news helps assess the cryptocurrency's future behavior.
Testing the 9-Month Price Level
According to recent predictions, the price of XRP reaches the $3 level, which is a crucial technical ceiling after nine months of consolidation. This structure has formed a descending triangle with a support level just above $2, making $3 a key level of focus for traders.
Derivatives Context and Trader Activity
Futures activity has increased, with open interest near $7.9 billion. Traders are paying attention to the $3 level as a pivot point, and the growing open interest suggests that market participants are preparing for movement after a prolonged consolidation.
Factors for Price Movement Confirmation
The key factor for confirming further growth in XRP will be closing the price above the triangle level, which could provide a signal for upward movement. Additionally, the news that BBVA has integrated Ripple Custody adds positive sentiment to the market.
Overall, the path for XRP's growth will depend on maintaining key price levels and trader activity. A break above the $3.10 and $3.40 levels could lead to the target of $3.60, which would be a strong signal for the market.
