XRP is looking to reclaim parity with the dollar, targeting a $1 price point amid a resurgence of investor interest, as Open Interest (OI) rises to $546 million over the past 24 hours.
Notably, amid the ongoing bull run in the broader market, XRP aims to recover some of its most pivotal key levels. However, the asset faced recent opposition to this goal, registering two consecutive intraday losses, as it dropped 4.1% between Nov. 9 and 10.
Nonetheless, a swift comeback has seen XRP start the morning with a 1.86% increase, briefly retesting the $0.6871 price. As this recovery gains steam, market participants are returning to the scene, with XRP looking to leverage the resurging interest for the rally to $1.
XRP’s Open Interest Surges to $546M
Data from Coinalyze confirms this renewed interest. Remarkably, XRP has witnessed a recent spike in Open Interest, following a dip yesterday. XRP’s OI spiked from $518 million to $546 million this morning, indicating an increase by $28 million in less than four hours.
XRP Open Interest | Coinalyze
Open Interest is the total number of outstanding futures or options contracts. An increase typically suggests new money flowing into the market, indicating growing investor interest and potential volatility. It also signals market strength, as more participants enter or establish new positions.
Current data puts XRP’s OI at $546.8 million, representing a 4.79% increase over the past 24 hours. Of this figure, perpetual contracts make up $540 million, while futures contracts take a smaller chunk, at $6.8 million. Nonetheless, futures have seen a 12% surge in 24 hours.
XRP Targets $1
As interest returns to the market, XRP has printed a green candle, looking to cancel the recent losing streak. Currently changing hands at the $0.67 zone, it continues to trade above the 200-day EMA ($0.5347) and the 50-day EMA ($0.5747), reflecting bullish momentum in the long and short terms.
Despite this bullish momentum, XRP’s path to $1 is not devoid of stern opposition. The first opposition rests at the 1.618 Fibonacci level, currently at a price level of $0.7379. XRP recently retested this territory, but the resistance led to a swift tumble which took it to the lows of $0.62.
In the coming days, XRP would aim to retest the $0.7379 point. A breach of this level would bring it face-to-face with $0.8669 at the Fib. 2.618 point. The next crucial resistance stands at $0.9942, representing the last opposition below $1. Conquering this level could clear the path to $1.
XRP 1D Chart
Meanwhile, XRP is trading for $0.6866, up 2.49% over the last 24 hours. Trade volume has plummeted over the past day, but stays above the $2 billion mark, currently at $2,081,431,185. XRP ranks eighth out of 8,817 assets in 24-hour trade volume.
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