Ripple’s price has increased by more than 4.5% in the past 24 hours, pushing its total weekly gains above 6%.
While the cryptocurrency’s valuation is seeing a notable uptick, other important metrics are also moving forward.
<h2 id="xrp-price-outlook">XRP Price Outlook</h2>
The entire cryptocurrency market has gone through a notable uptick in the past 24 hours, with Bitcoin attempting to push above $61K.
This has also strengthened the XRP price outlook, providing a considerable increase of more than 4.5% at the time of this writing. The altcoin is trading above $0.6.
Some analysts have&nbsp;made very positive&nbsp;<a href="https://cryptopotato.com/why-is-the-ripple-xrp-price-up-today-15/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ripple price predictions</a>. The X user, who goes by the handle of CRYPTOWZRD, recently argued that XRP’s price is very bullish, while Crypto Rover, on the other hand, argued that it’s gearing up for a huge breakout.
While the price is pushing forward, so are other important market metrics.
<h2 id="interesting-market-dynamics-at-play-for-ripple">Interesting Market Dynamics at Play for Ripple</h2>
To give the move more substance and perhaps <a href="https://www.coinglass.com/currencies/XRP" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">attest</a> to a larger rally in the short term, XRP’s daily trading volume soared by more than 60%.
<figure id="attachment_354844" aria-describedby="caption-attachment-354844" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-13.30.00.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-354844" src="https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-13.30.00.png" alt="" width="1664" height="660" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-13.30.00.png 1664w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-13.30.00-300x119.png 300w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-13.30.00-1024x406.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-13.30.00-768x305.png 768w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-13.30.00-1536x609.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-13.30.00-50x20.png 50w" sizes="(max-width: 1664px) 100vw, 1664px"></a>
 <figcaption id="caption-attachment-354844" class="wp-caption-text">
 Source: Coinglass
 </figcaption>
</figure>
The open interest, which sums up the total number of open positions on XRP trading contracts, is also up by 13%. This is usually a precursor to volatility.
Interestingly enough, XRP Options Volume also soared by a whopping 150%, while the options open interest is up by almost 90%.
The post <a href="https://cryptopotato.com/its-not-just-the-ripple-xrp-price-surging-these-important-metrics-also-soar/" rel="noopener noreferrer nofollow">It’s Not Just the Ripple (XRP) Price Surging: These Important Metrics also Soar</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

It’s Not Just the Ripple (XRP) Price Surging: These Important Metrics also Soar

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