2024

Solana

when

XRP price suffered a huge 30% plunge from its Q4 high of $0.7, but it seems to be turning the corner. Investors were nervous when XRP fell below $0.5, a crucial support level. It looked like it could crash any moment bringing lower levels such as $0.38 within reach.
Now that XRP has bounced back above $0.5, it has a chance to recover and aim for $1 over the remaining weeks in February.
<h2 class="p1" id="xrp-price-rally-imminent">XRP Price Rally Imminent</h2>
An 11% bump in the 24-hour trading volume, according to&nbsp;<a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/xrp/">CoinMarketCap</a>&nbsp;data, signals rising interest among traders and speculators. The bullish outlook on Thursday mirrors a 2.38% increase in the market cap to $28 billion.
XRP has studied its position in the market since&nbsp;<a href="https://coingape.com/former-ripple-director-hints-at-big-xrp-announcement-amid-skepticism/" rel="noopener noreferrer nofollow">Ripple</a>&nbsp;bagged a partial win against the Securities and Exchange Commission (SEC) in July, becoming the sixth-largest crypto behind Solana (SOL).
The resilience XRP exhibited during the long court battle underscores its potential to go through rough patches and still emerge stronger.
Read also: <a href="https://coingape.com/markets/cryptocurrency-price-forecast-how-bitcoin-ethereum-solana-and-other-top-coins-will-perform-in-2024/" rel="noopener noreferrer nofollow">Cryptocurrency Price Forecast: How Bitcoin, Ethereum, Solana, and Other Top Coins Will Perform in 2024</a>
For most investors, 2024 is an exciting year, with a lot of weight on the upcoming&nbsp;<a href="https://coingape.com/halving/bitcoin-halving/" rel="noopener noreferrer nofollow">Bitcoin halving</a>. During this event, miner rewards are halved, a situation that shrinks supply.
<a href="https://coingape.com/markets/bitcoin-price-is-btc-breaking-out-into-the-2024-pre-halving-rally/" rel="noopener noreferrer nofollow">Bitcoin price</a>&nbsp;has often rallied for months following this event, lifting altcoins with it. Although XRP missed out on the previous bull run due to the aftermath of the lawsuit (many exchanges had delisted it citing regulations), investors expect the token to make up for missed opportunities.
The SEC’s lawsuit against Ripple is expected to end in 2024. If Ripple wins, XRP could soar like it did in July when it reached $0.93. But if Ripple loses, XRP could crash even in a bullish market. That’s why investors need to be careful and manage their risks.
According to the Money Flow Index (MFI), positive volumes could help keep XRP buoyant above $0.5 in case resistance at $0.52 does not budge.
Keep in mind, that XRP is still ranging with support at $0.5 and resistance at $0.54, coinciding with the 200-day Exponential Moving Average (EMA) (the purple line on the chart). A break above this range high is needed to free to higher levels.
<figure id="attachment_179317" aria-describedby="caption-attachment-179317" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-179317" src="https://coingape.com/wp-content/uploads/2024/02/XRPUSD_2024-02-08_20-00-34.png" alt="XRP price chart" width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2024/02/XRPUSD_2024-02-08_20-00-34.png 2710w, https://coingape.com/wp-content/uploads/2024/02/XRPUSD_2024-02-08_20-00-34-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/02/XRPUSD_2024-02-08_20-00-34-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/02/XRPUSD_2024-02-08_20-00-34-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/02/XRPUSD_2024-02-08_20-00-34-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/02/XRPUSD_2024-02-08_20-00-34-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/02/XRPUSD_2024-02-08_20-00-34-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
 <figcaption id="caption-attachment-179317" class="wp-caption-text">
 XRP price chart | Tradingview
 </figcaption>
</figure>
The Super Trend indicator’s position above the price is a signal that investors should temper expectations and be ready to act if the tables turn.
Beyond the current technical structure, XRP futures are facing a persistent open interest drop, suggesting low expectations of further price increases.&nbsp;<a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/BitcoinOpenInterest">Coinglass</a>&nbsp;data shows the open interest sliding to $530 million from $652 million in November and $928 million in July.
<figure id="attachment_179316" aria-describedby="caption-attachment-179316" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-179316" src="https://coingape.com/wp-content/uploads/2024/02/Cryptocurrency-Futures-Open-Interest-BinanceCME-Open-Interest-Bitcoin-Open-Interest-_-CoinGlass-6.png" alt="XRP open interest" width="2716" height="944" srcset="https://coingape.com/wp-content/uploads/2024/02/Cryptocurrency-Futures-Open-Interest-BinanceCME-Open-Interest-Bitcoin-Open-Interest-_-CoinGlass-6.png 2716w, https://coingape.com/wp-content/uploads/2024/02/Cryptocurrency-Futures-Open-Interest-BinanceCME-Open-Interest-Bitcoin-Open-Interest-_-CoinGlass-6-300x104.png 300w, https://coingape.com/wp-content/uploads/2024/02/Cryptocurrency-Futures-Open-Interest-BinanceCME-Open-Interest-Bitcoin-Open-Interest-_-CoinGlass-6-1224x425.png 1224w, https://coingape.com/wp-content/uploads/2024/02/Cryptocurrency-Futures-Open-Interest-BinanceCME-Open-Interest-Bitcoin-Open-Interest-_-CoinGlass-6-768x267.png 768w, https://coingape.com/wp-content/uploads/2024/02/Cryptocurrency-Futures-Open-Interest-BinanceCME-Open-Interest-Bitcoin-Open-Interest-_-CoinGlass-6-1536x534.png 1536w, https://coingape.com/wp-content/uploads/2024/02/Cryptocurrency-Futures-Open-Interest-BinanceCME-Open-Interest-Bitcoin-Open-Interest-_-CoinGlass-6-2048x712.png 2048w, https://coingape.com/wp-content/uploads/2024/02/Cryptocurrency-Futures-Open-Interest-BinanceCME-Open-Interest-Bitcoin-Open-Interest-_-CoinGlass-6-150x52.png 150w" sizes="(max-width: 2716px) 100vw, 2716px">
 <figcaption id="caption-attachment-179316" class="wp-caption-text">
 XRP open interest | Coinglass
 </figcaption>
</figure>
Some of the levels to watch in the short term are the support at $0.52 and the subsequent barriers at $0.52 and $0.54. Despite the move above $0.5, XRP is not out of the woods and might still explore areas towards $0.38. On the flip side, a sustained break above $0.54 and the trend line resistance as shown on the chart could signal the uptick to $1 and beyond.
<h3 class="p1" id="related-articles">Related Articles</h3>
<ul>
 <li class="p1"><a href="https://coingape.com/markets/solana-price-prediction-how-sol-could-hit-140-after-breaking-100-barrier/" target="_blank" rel="noopener noreferrer nofollow">Solana Price Prediction: How SOL Could Hit $140 After Breaking $100 Barrier</a></li>
 <li><a href="https://coingape.com/markets/the-best-4-trend-setting-altcoins-to-buy-for-2024/" target="_blank" rel="noopener noreferrer nofollow">The Best 4 Trend-Setting Altcoins To Buy For 2024</a></li>
 <li><a href="https://coingape.com/markets/xrp-price-prediction-can-xrp-reach-1-after-winning-sec-case-and-aim-for-10/" target="_blank" rel="noopener noreferrer nofollow">XRP Price Prediction: Can XRP Reach $1 After Winning SEC Case And Aim For $10?</a></li>
</ul>
The post <a href="https://coingape.com/markets/xrp-price-is-up-so-why-is-open-interest-still-falling/" rel="noopener noreferrer nofollow">XRP Price Is Up — So Why Is Open Interest Still Falling?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

XRP Price Is Up — So Why Is Open Interest Still Falling?

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