XRP open interest has continued to increase, signaling growing leveraged appetite from market traders despite its struggles around the $3 price mark.
Data shows that the value of open futures positions for XRP continues to rise, as new liquidity enters the market. Currently, XRP’s OI nears $3 billion, data from CryptoQuant confirmed on Monday.
XRP Open Interest Shows Leveraged Interest Recording Notable Uptick
The OI rise marks a turnaround from the fading interest recorded towards the end of September. For perspective, the number of open futures positions on XRP dropped to $2.34 billion on September 25, following a downturn in the token’s price.
However, the bright start to the month has rekindled leveraged interest in XRP, as market users look to capitalize on the growing XRP price. Notably, XRP has risen by 9% from the lows of $2.74 at the time to its current price of $2.99, with OI now standing at $2.92 billion.
Meanwhile, data from Coinglass shows an even larger XRP open interest. It indicates an OI increase to $8.94 billion, also reflecting that XRP is becoming increasingly attractive to traders.
For context, the disparity between the OI on Coinglass and CryptoQuant comes from the extent of their market coverage. The latter accrues data from major crypto exchanges, while the former covers a much broader market scope, including the CME.
Bears Defend Crucial $3 Resistance
At the time of writing, XRP remains around the crucial $3 resistance. The token has attempted to sustainably break above, but bears have pushed prices lower at each attempt.
Interestingly, despite the growing open interest, trading volume has declined by 11% over the past 24 hours to $5.76 billion, indicating weakening market momentum. Unless market conditions change, XRP might continue to struggle to sustain a trend above the $3 mark.
However, optimism remains high that XRP could break above this significant barrier, setting the tone for even higher prices. Analyst CasiTrades predicted a possible retest of the $3.24 if bulls win, opening XRP for a rally to the Wave 3 target of $4.5.
Other analysts have also identified technical indicators that XRP could break out soon. Mikybull shared that XRP is now on the verge of entering its final bullish wave, targeting a new all-time high of $21. However, he noted that the conservative target for this post-breakout target is between $6 and $10.
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