Here’s What The XRP Open Interest Reset Means For The Price

Crypto analyst CryptosRus has drawn attention to the open interest reset for ￰0￱ analyst also explained why this development could spark a major price surge for the altcoin. XRP’s Open Interest Drops To New Lows In an X post, CryptosRus revealed that XRP’s open interest on Binance has dropped back to the same lows that were seen in May ￰1￱ analyst noted that back then, the liquidation flush sparked a massive rally for the altcoin, which pushed it to $3.50. He added that this time around, the open interest is at the floor again, but the price is holding around $2.6. Related Reading: Crypto Analyst Maps Out The XRP Price Roadmap From $3 To $27 CryptosRus stated that this means that leverage is gone while the strong hands are still holding ￰2￱ analyst predicted that if new liquidity enters, this setup could signal the next leg up for the ￰3￱ added that rallies usually start when leverage is low, spot demand is strong, and shorts are trapped.

Notably, XRP has witnessed new demand with the launch of the largest XRP treasury company, ￰4￱ company has already accumulated up to $1 billion in XRP with Ripple’s backing and has revealed plans to continue accumulating more, using gains from its DeFi activities. Notably, the company stated that it will purchase XRP on the open market, which is expected to impact the altcoin’s price. Meanwhile, the SEC is expected to approve the spot XRP ETFs once the ￰5￱ shutdown ￰6￱ could drive new liquidity into the altcoin, boosting its price. Moreover, experts such as Canary Capital’s CEO Steven McClurg have predicted that the XRP ETFs could see more inflows in their first month than the Ethereum ETFs ￰7￱ Is Gearing Up For A ‘Face Melting’ Rally Crypto analyst Ether stated that XRP is quietly gearing up to melt faces and that most aren’t even aware or ready for what is ￰8￱ came as the analyst alluded to an earlier analysis, in which he revealed that a similar scenario from a previous cycle was playing out for the ￰9￱ Reading: Why This Crypto Analyst Now Believes XRP Price At $21 Is No Longer A Dream Ethere stated that XRP’s cyclical structure is showing a striking similarity ￰10￱ the altcoin’s rally in 2017, its price was rejected from the 2013 all-time high (ATH) level and then retested the 2014 ATH level, which had previously acted as ￰11￱ then began its parabolic run after it accumulated strength in that range.

Now, this same XRP price action is playing out again, according to ￰12￱ noted that after the strong surge in 2024, the altcoin’s price was rejected at the 2017 ATH level and retested the 2021 ATH level, which had previously acted as ￰13￱ analyst added that the power accumulation phase is now underway in this region and that once it is complete, the next parabolic run will be ￰14￱ the time of writing, the XRP price is trading at around $2.63, up in the last 24 hours, according to data from ￰15￱ image from Adobe Stock, chart from ￰16￱