XRP Price outperforms BTC, ETH as Traders Invest $753M on SEC Victory Anniversary

Looking at the chart above, XRP Open Interest has climbed above $753 million at the time of writing on July 17, 2024. But zooming out, we observe a $306 million increase from the monthly timeframe low of $447 million recorded on July 6.

Consequently, this 68% jump in XRP open interest over the past week suggests that it well-positioned for further price appreciation in the near term.

Firstly, since July 6, XRP 68% increase in open interest has outpaced the price increase of 61% during that same period, signalling a build-up of long positions.

This rare market alignment suggests  bull traders are mounting more positions in strong conviction that the current price uptrend will persist in the days ahead.

XRP Price Forecast: $0.70 Retest Now Viable

The XRP/USD daily chart indicates a bullish trend with a strong upward momentum observed over the past 12 days. The price has successfully climbed from the low $0.40s to above $0.60, suggesting a sustained rally. Key technical indicators such as the Fibonacci retracement levels and the Average Daily Range (ADR) also support a bullish outlook.

Currently, XRP is trading around $0.61, approaching significant resistance at $0.70. The Fibonacci retracement levels show key support levels around $0.48 (23.6%) and $0.43 (38.2%), which XRP previously tested and held. These levels are critical for maintaining the bullish momentum. A break above the $0.70 resistance level could signal further upside potential, targeting $0.80 or even higher levels if the momentum persists.