Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Rising bullish sentiment translated to 8.5% gains for XRP over the past day.
- A surge in Open Interest could spur a bullish rally.
Ripple [XRP] extended its range-bound movement with an 8.5% rebound from the $0.48 price zone. This took XRP beyond the $0.5 mid-range point and could serve as a catalyst for a bullish breakout of the price range.
How much are 1, 10, or 100 XRP worth today?
AMBCrypto’s previous price analysis highlighted the growing bullish sentiment with the Open Interest and Spot CVD climbing higher.
Hence, Bitcoin’s [BTC] swift rally above $29k along with the Securities Exchange Commission dropping the lawsuit against Ripple executives spurred a bullish reaction in the market. Is this what XRP needs to go on a bullish run?
Consolidation of gains above $0.5 could initiate bullish rally
The bullish bias was clearly evident in the market with the CMF (Chaikin Money Flow) moving into positive territory with a reading of +0.12. This signaled good capital inflows into XRP, as buyers looked to ride the wave of optimism surrounding the altcoin.
With price trading above the mid-range point of $0.5, a candle close above the mid-range on the higher timeframes could spur more buyers into action. If the range-high hurdle at $0.556 is cleared, this would pave the way for a strong rally toward the $0.6 to $0.65 price zone.
Meanwhile, the RSI (Relative Strength Index) showed rising buying pressure. It climbed above neutral 50 over the past day and posted a reading of 65, as of press time.
Read Ripple’s [XRP] Price Prediction 2023-24
Bullish conviction strengthened in the futures market
The surge in Open Interest (OI) reiterated the bullish bias on XRP. According to Coinalyze, the OI jumped by 15.6% over the past 24 hours. This took it from $363 million to $409 million, as of press time. A rise in OI and price is typically a strong signal of further bullish gains.
Furthermore, the spot CVD which started to climb on 9 October continued to trend higher. This showed continuous demand for XRP which could spur additional gains for short-term buyers.