Ripple (XRP) Price Rises, Investors Smile Widely

Bittime - Ripple (XRP) price is known for its inability to follow upward market trends due to uncertainty. However, XRP responded well to the weekend's rise, hitting a three-month high and outperforming the market. Investors continue to inject money into XRP, supporting this rare uptrend.

Ripple (XRP) Price Rise

The price of XRP continues to move up, supported by investors' optimistic expectations. One of the important data that is visible is XRP's Open Interest (OI). XRP's OI value increased by 70%, reflecting increased optimism about the XRP price increase. This increase was clearly visible when OI jumped from $443 million to $753 million.

Investors who took long positions on the price of XRP rose in line with this increase in Open Interest. This significant increase indicates growing confidence among market participants in further price increases for XRP. Additionally, there has been a substantial increase in network participation for XRP. The number of investors making transactions on the network increased from 27,000 last week to a peak of 43,700 this week.

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However, considering this bullish outlook, it is possible that this upward movement may stabilize soon. This situation could be followed by a potential correction, which might put potential XRP investors in a challenging position.

XRP price in TL

Source: TradingView

Although XRP's future direction is uncertain, it has reached a new resistance level, and demand continues to increase. The existing demand for XRP in the market reflects the breakout of the ascending triangle formation that formed in April.

After a potential breakout, there was widespread belief last week that the price could remain above $0.61, but then declined. Currently, the price has returned above $0.61. At the time of writing, XRP is trading around $0.6161. In the XRP/TRY pair, the price is at 20.41 TL.

If the price remains above the mentioned level, it could turn the 38.2% Fibonacci retracement line ($0.61) into support. This price could pave the way for a new increase in XRP. However, if this support is lost again, the bullish thesis could reverse.

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Conclusion

The recent rise in XRP prices provides a breath of fresh air for investors who have been waiting for this moment for a long time. With increasing confidence in the market and greater network participation, XRP's near-term prospects look promising. However, investors must remain alert to potential corrections that could occur in the future.

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