Rise in Numbers Record Highs for Sales Figures

Ripple’s value surged above $0.66 on March 25, marking a 17% increase within the week, as traders show a strong interest in further gains.
Over the past week, Ripple (XRP) has been following the overall trend of the large-cap cryptocurrency market, moving in an upward direction.
XRP’s open interest has surpassed $1 billion for the first time in two weeks, indicating a significant level of market activity.
On March 11, bulls made a surprising breakout, pushing XRP’s price up by 18.5% in just 24 hours to hit a peak of $0.74 in 2024. However, a swift wave of profit-taking led to a correction below $0.60 within a week.
After a period of consolidation, recent trends in the derivatives market suggest that bullish XRP traders are preparing for another substantial price increase.
According to CoinGlass’s open interest chart, XRP’s open interest reached $1.02 billion on March 26, the highest since March 14, with a net capital inflow of $150 million following a recent market dip on March 20.
An increase in open interest during a recovery phase indicates that most traders are optimistic about the ongoing price uptrend, leading to significant capital inflows.
While XRP spot prices rose by 19.4% between March 20 and March 26, open interest only increased by 15%. This suggests that the current rally is more driven by organic spot demand rather than speculative trading in the futures market.
Bulls have increased leverage by 100% to take advantage of the rally, indicating strong fundamental factors behind the current uptrend, such as increased adoption and positive ecosystem developments.
Ripple’s Chief Technology Officer, David Schwartz, recently praised the launch of automated market maker (AMM) functionality, highlighting it as a major evolution for the platform’s decentralized exchange.
Bullish traders in the derivatives market have shown a greater appetite for high-risk leveraged positions this week, with the funding rate increasing from 0.01% to 0.02% between March 23 and March 26.
This surge in funding rate signals increased risk-taking and bullish sentiment, with long traders paying higher fees to keep their positions open in anticipation of higher profits as prices rise.
Short traders may make hedging purchases to mitigate potential losses, further boosting market demand and potentially accelerating the price rally.
Taking into account the rise in bullish traders’ leverage activity, organic growth in spot demand, and potential hedging strategies from short traders, XRP’s price is poised to continue its upward trajectory above $0.75.
The relative strength index (RSI) technical indicator supports this bullish forecast, suggesting room for further growth before XRP enters overbought territory.
If XRP can break above the significant resistance at $0.70, indicated by the upper Bollinger band, a breakout towards $0.75 could be on the horizon.
However, in a bearish market scenario, the $0.57 support level marked by the lower Bollinger band will be crucial to watch, as a significant drop below that level could see bears regaining control of the market.