Increasing OI rising with XRP priceXRP (XRP) rose in tandem with the wider crypto market on May 22, fueled by Bitcoin’s rally to fresh all-time highs above $111,000. XRP price followed with as much as 5.5% gains to an intraday high of $2.45 on May 22 from a low of $2.33 on May 21. Its open interest (OI) climbed 25% over the last 24 hours to $4.95 billion on May 22, signaling the return of derivatives traders and more capital into the market.XRP open interest.
Several analysts have also predicted further gains for XRP, citing chart technicals and the price holding above key support levels. Market analyst Dom highlighted that XRP price has held perfectly above the monthly and quarterly volume-weighted average prices (VWAPs) of $2.32 and $2.27. The analyst emphasized that the altcoin must flip the all-time high VWAP at $2.47 to sustain a bullish continuation.“The trigger for a leg up will be clearing the ATH VWAP (green).
For example, the current scenario mirrors the XRP price rise when US President Trump directed the creation of a crypto strategic reserve to include XRP, Solana (SOL), and Cardano’s ADA (ADA) in early March, leading to a 46% jump in OI to $4.63 billion from $3.05 billion between March 2 and March 3.
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Author / Journalist: Cointelegraph by Nancy Lubale
The story "XRP futures OI rises 25% as price chart ‘bull flag’ targets $14" has 571 words across 27 sentences, which will take approximately 3 - 5 minutes for the average person to read.
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