XRP Volume & Open Interest Spike Dey Fuel $3 Breakout Outlook
XRP price don climb like 30% for di last one week, e dey near di key $3.00 resistance. Dis increase follow as open interest for XRP futures jump pass 50% for July to around $8 billion, near di January 2025 record of $8.33 billion. Historically, when open interest pass $8 billion, XRP price dey rally, e dey boost bullish vibes.
Daily trading volume sef rise, reach peak $35 billion on July 12, and e dey average $16 billion recently. On-chain activity mirror dis trend: daily active addresses for XRP network rise 124% for July to over 8,100. Technical indicators still dey support the momentum, with XRP’s Relative Strength Index (RSI) pass 70.
The SEC for U.S. approve ProShares Ultra XRP futures ETF (UXRP) from July 18, plus DTCC eligibility dey add more push. Meanwhile, Ripple new partnership with California government to modernize public services with blockchain dey show institutional adoption.
Traders go dey watch if XRP price fit break and hold above $3. If e breakout well, e fit lead to move towards di all-time high of $3.84 for 2017.
Bullish
Di confluence of rising open interest and trading volume, plus growth for on-chain activity and the coming ProShares Ultra XRP futures ETF launch, dey show strong market momentum for XRP. Historically, similar situations don happen before big price rallies. For short term, traders fit push the XRP price pass the key $3 level as leverage exposure dey increase. For long term, ETF approval and institutional partnership dem, like di California government initiative, dey support constant demand and possible further gains towards the $3.84 all-time high.