XRP Awaits Breakout as Futures Market Signals New Highs
XRP seems ready for a important bullish surge. Despite being stuck at $3,it looks poised for a rally towards $5.
The rise in XRP’s futures open interest offers a clue. According to CoinGlass, it hit nearly $9 billion, up from $7.4 billion earlier this month. This trend began in March when it was just $2.8 billion. Higher interest usually indicates increasing demand and liquidity.
Another positive sign is XRP’s funding rate,which has stayed positive since June. This suggests traders expect the price to climb soon. These factors combined paint a picture of a robust demand for XRP.
- Open interest reached almost $9 billion.
- Funding rate has been positive as June.
- ETF approval odds have reached 96%.
The optimism partly stems from the growing likelihood of XRP ETF approvals. Polymarket estimates this chance at 96%, a rise from the August low of 64%. With a mid-next-month deadline, investors might already be buying.
Technical analysis supports this bullish outlook.XRP remains above the 50-day EMA and is trying to break through the Ichimoku cloud. If prosperous, it could reach $3.6597, than aim for $5.
XRP’s combination of increased futures activity and probable ETF approval sets the stage for a significant price hike. Investors should watch this closely.
