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The recent SEC update regarding Ripple has sparked a surge in the Open Interest (OI) for XRP compared to other cryptocurrencies, signaling heightened investor interest according to data from CryptoQuant. This surge indicates investors’ expectations of a price increase in the coming days. Notably, XRP has experienced a price surge in the past few days, despite other cryptocurrencies struggling to gain momentum. Is XRP bullish as the OI surge? 
According to data fromCryptoQuant, whenever the OI value increases, the price of the XRP token also significantly increases. There have been similar surges in OI value in February 2024, when the XRP price saw a massive rise. This recent surge in OI also suggests an upcoming bullish move for XRP. 
However, on June 17, 2024, an unknown whale moved a massive 32.14 million <a href="https://news.todayq.com/whales-move-32-million-xrp-tokens-near-support-bullish-sign/" rel="noopener noreferrer nofollow">Ripple (XRP) tokens</a> worth $15.6 million from the world’s biggest cryptocurrency exchange, Binance, as reported by Todayq News.
Currently, XRP is trading near $0.497, and in the last 24 hours, it experienced a price drop of 3%, according to CoinMarketCap. Looking at XRP’s performance over a longer period, in the last 7 days, its value is up by 2.5%, whereas other top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), are still in the negative.&nbsp;
However, in the last 30 days, XRP experienced a 5.5% price drop, although it is showing signs of recovery. CryptoQuant has shared that the OI for XRP is increasing, but the 24-hour trading volume has dropped 41%, signaling fear in the market over the last 24 hours.&nbsp; XRP technical analysis and key levels&nbsp; 
According to Coinglass, data on a higher time frame in the last 30 days shows there is fear around XRP, as there is only $11.81 million of liquidation on the long side at the $0.48 level. This long liquidation highlights the lower numbers of bulls. Conversely, short liquidation amounts to $56.65 million near the $0.538 level, indicating that investors are more inclined to sell and expect that the XRP price might drop. Source: Coinglass 
Expert technical analysis indicates that XRP is at a crucial support level near $0.48, and on the daily time frame, it is below both the 200 and 50 EMAs (Exponential Moving Averages). This position below the EMAs indicates a bearish move until the XRP price rises above both EMAs. A bullish move for XRP is likely once it closes a daily candle above $0.58, which could lead to a significant price explosion.

XRP Open Interest spikes amidst market volatility, bullish signal?

Todayq News

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