Investors are showing a growing interest in XRP, anticipating a potential price increase. Is XRP poised for a bullish trend? In a recent market analysis conducted by CryptoQuant writer Woominkyu, the uptick in open positions (OI) suggests that more investors are optimistic about the future price of XRP.
What’s the latest on Ripple’s front? Woominkyu outlined key points in a report dated June 18. While highlighting the potential for a positive price movement, the author also cautioned about potential price volatility. According to data from Binance, XRP has been in a downtrend since the start of the year, currently trading at $0.49 with a YTD decline of over 19%. The increase in open positions observed on June 11 may be linked to developments in Ripple’s legal battle with the SEC.
On June 13, Ripple proposed a penalty not exceeding $10 million in contrast to the SEC’s proposed $876.3 million penalty, citing the SEC’s prior settlement with Terraform Labs. With the SEC having accused Ripple of selling unregistered securities since 2020, a potential settlement could be a positive signal for investors.
Analyzing the XRP chart, there are indications of a potential price surge by the end of June. A descending triangle pattern has formed on the daily chart, hinting at a possible breakout as the triangle narrows. This could result in a price increase for XRP if it maintains support above $0.47.
Furthermore, XRP fractals also suggest a potential breakout, mirroring patterns observed after XRP broke out of a similar ascending triangle pattern in February 2024. Technical investors use fractal patterns to identify key support and resistance levels and potential trend reversals based on historical data.
For the latest updates, follow us on Telegram, Facebook, Twitter, and Coinmarketcap. Please note that the information in this article is not investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
