XRP continues to show positive trends after completing a 32-week consolidation phase. This event captures traders' attention, who are anticipating a potential breakout.
XRP Rises Amid Low Volume
As of the time of writing, XRP was trading at $2.34, marking a 2.4% increase over the past 24 hours. This price represents an increase from $2.26, bringing its weekly gain to 6.48%. The total market capitalization of the asset is now approximately $137.4 billion. Meanwhile, trading volume has dropped by 42.4% during the same period, with $2.58 billion worth of tokens changing hands. Lower trading volume during a price rise can indicate weaker conviction, although the overall trend remains positive. The 24-hour trading range has fluctuated between $2.26 and $2.34.
Technical Setup Mirrors 2017 Pattern
According to trader @Ripplesinwales, XRP’s price has completed a 32-week consolidation period, mirroring a similar formation that occurred in 2017, which preceded a sharp breakout in week 33. "$XRP has been in a 32 week consolidation. Same duration consolidation occurred in 2017. Week 33 could be explosive." Chart data confirms that the token is moving out of a long-term symmetrical triangle, a structure that often leads to a directional move. Volume has shown signs of picking up, prompting traders to closely monitor the next few sessions as a potential breakout window.
Futures Market Open Interest Nears Record
Open interest in XRP futures reached $5.17 billion, marking a 3.07% increase and the highest reading since January. This surge brings XRP’s open futures positions near their previous all-time high. The metric has risen 33% since the low on June 22, demonstrating stronger interest in derivatives markets. Additionally, Coinglass data shows that open interest peaked at 800 million XRP before settling slightly lower at 743 million. Growth in open interest suggests that traders are positioning for potential larger moves. As previously reported by CryptoPotato, specialist Steph Is Crypto pointed out that XRP’s Bollinger Bands have recently tightened. The last time the asset saw this setup, it resulted in a 600% price move.
Overall, XRP shows promising signs of growth following an extended consolidation period. The increase in open interest in the futures market also indicates a high likelihood of upcoming volatile price movements.
