- XRP price bounced off key support at $3.12, signaling potential upward momentum.
- Volume up +2.40%, reaching $11.60B, signaling increasing market confidence.
- Open interest rose +8.36% to $8.53B, indicating growing trader optimism.
XRP price action is signaling a potential upward continuation as it holds key support levels. Recent volume and open interest trends suggest growing market confidence, further supporting the bullish outlook. If the price can break through resistance, momentum could push XRP price toward higher targets, possibly reaching $3.60 soon.
XRP Price Action Suggests Upward Continuation
XRP price is positioned within a descending trend channel, which has been guiding price movement after a significant bullish rally. The price recently bounced off the lower boundary of this channel, hinting at a potential reversal and the possibility of an upward continuation.
If the pattern holds true, XRP price could break out of the channel, targeting higher levels. As noted by chart analyst Ali Chart, there’s an optimistic outlook for XRP, with a target of $3.60 being mentioned as the next key level to watch.
In addition to the trend channel, key Fibonacci retracement levels offer valuable insight into price dynamics. The 0.618 retracement level around $3.12 acted as solid support during a recent pullback, which is often a strong indicator of bullish continuation. If this level holds, XRP price could see further upside movement.
Source: Ali Chart/X
The 0.786 level at $3.20 represents a critical resistance point, and breaking through this could signal the next phase of the rally, pushing XRP price toward higher targets.
Further upside potential lies in the Fibonacci extension levels, particularly the 1.272 and 1.618 extensions, which are positioned at $3.51 and $3.67, respectively. These levels are potential targets for the rally, should XRP price break through key resistances.
Volume data and open interest have been rising, indicating increasing market participation. Volume has increased by +2.40%, reaching $11.60B, which points to heightened market activity and a possible buildup of buying pressure. Open interest also rose by +8.36%, reaching $8.53B, showing that more traders are holding positions in anticipation of further price movement.
Source: CoinGlass
The increase in open interest suggests that traders are confident in the market’s direction, with many participants likely expecting the price to continue higher. As price continues to test key levels, the growing volume and open interest further suggest that the upward momentum could intensify if the breakout occurs.
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