Long

Rally

Million

Billion

<a href="https://www.thecoinrepublic.com/price-prediction/xrp/">XRP Price</a> had surged over 8.5% at press time, surpassing the 50-day EMA. The intraday rise displays a breakout from an interesting channel pattern. July 13th marks the first anniversary of Judge Analisa Torres’ landmark judgment where XRP was deemed not a security. 
The <a href="https://www.thecoinrepublic.com/2024/07/14/ripple-ceo-hails-sec-ruling-as-a-milestone-for-the-crypto-sector-why/">recent development</a> in XRP derivatives data has sparked optimism among investors. OI contracts surged nearly $100 Million over the week, indicating a long buildup. 
XRP Price had been in a correction phase since mid-April, dipping nearly 40% from its recent highs. The recent breakout marks the end of a correction phase. The same has a live market capitalization of $28.79 Billion and ranks 7th in the crypto-verse. 
<h2 class="wp-block-heading" id="h-oi-data-suggests-long-buildup">OI Data Suggests Long Buildup</h2> 
XRP Price recovered from the $0.42 level and broke a falling wedge pattern. The breakout was supported by a 20% rise in the volume. Notably, the intraday transaction volume has reached $1.85 Billion. <iframe loading="lazy" title="Santiment Chart: Total Open Interest in USD (XRP), Price (XRP)" width="800" height="425" src="https://embed.santiment.net/chart?ps=xrp&amp;pt=XRP&amp;df=2024-07-05T18%3A30%3A01.614Z&amp;dt=2024-07-13T18%3A29%3A59.614Z&amp;emcg=1&amp;emhwm=1&amp;wm=total_open_interest%3Bprice_usd&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2326C953&amp;ws=%7B%22node%22%3A%22area%22%7D%3B" scrolling="no"></iframe> 
In tandem with the price development, there has been a robust development in the OI data. As per an on-chain analytics website, the OI data surged by nearly $100 Million, rising from $375 Million to $475 Million a week. 
The surge in OI data points to a long buildup in XRP. A surge in OI data reveals a rise in the outstanding contracts and increased market activity. The volume-to-market cap ratio lies near 6.73%, indicating mild volatility. Out of the 100 Billion total supply, nearly 55.8 Billion XRPs are in circulation. 
<h2 class="wp-block-heading" id="h-xrp-looks-promising-for-25-bullish-rally">XRP Looks Promising for 25% Bullish Rally</h2> 
XRP broke out from a falling wedge, entering a new bullish phase supported by a significant rise in transaction volume and open interest, which would confirm a bullish breakout.  
<a href="https://in.tradingview.com/chart/XRPUSD/xbObsfHd-XRP-Price-Jumps-22-Following-100-Million-Inflows-What-s-Next/"> </a> &nbsp; <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a>&nbsp; <a href="https://in.tradingview.com/"> </a>  
At the time of writing, XRP was up over 8.5% intraday, exchanging hands at around $0.514. The bulls were in control of the trend at the moment, which may cause the XRP price to keep soaring. 
Analysts expect a spike of around 25% to $0.64. If the price falls below the lower trendline, a fake breakout may be confirmed, and the price may suffer more. 
<h2 class="wp-block-heading" id="h-can-xrp-price-continue-rising">Can XRP Price Continue Rising?</h2> 
XRP price surged over 8.5% today, surpassing the 50-day EMA, breaking out of a falling wedge channel pattern. 
The breakout is supported by a significant increase in transaction volume and open interest, thus validating the breakout. The OI data surged by $100 Million in a week to $475 Million. 
The daily chart highlights that XRP rebounded from $0.42, breaking out of a falling wedge pattern. Currently trading around $0.514, XRP shows bullish momentum.&nbsp; 
If the price rises, it could reach $0.57 and $0.64. However, if it falls below the lower trendline, it may indicate a fake breakout and resume a downward trend. 
The post <a href="https://www.thecoinrepublic.com/2024/07/14/xrp-price-jumps-22-after-100-million-inflows-whats-next/">XRP Price Jumps 22% After $100 Million Inflows: What’s Next?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

XRP Price Jumps 22% After $100 Million Inflows: What’s Next?

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