XRP price dips to $2.54 but open interest hits $5.49B, signalling bullish pressure

MACD crossover supports bullish trend continuation. XRP holds key support at $2.50, eyes $2.71 price target. A break below $2.50 could push the price down to $2.29. XRP has declined slightly to $2.54 in the past 24 hours, but rising open interest signals that traders may be preparing for a potential rebound. According to derivatives data, open interest in XRP futures has surged to $5.51 billion, its highest level in three months, suggesting increased speculative activity and renewed bullish pressure even as the price cools. Open interest refers to the total number of active derivative contracts that have not yet been settled. When it rises alongside—or in spite of—price fluctuations, it often indicates new capital entering the market and a build-up of leveraged positions. Despite the mild price correction, market participants appear to be positioning for a larger move. MACD indicator shows a bullish setup Technical analysis further supports the case for an extended rally. The Moving Average Convergence Divergence (MACD) indicator, a widely followed tool to assess market momentum, shows XRP’s MACD line well above its signal line. This type of crossover is considered a bullish trigger by many traders. The positive MACD setup suggests that buyers are currently in control. If momentum continues to build, XRP could attract more volume, increasing the likelihood of a price breakout above the current range. That said, this scenario would only remain valid if the token avoids slipping below key support levels. Support at $2.50 remains crucial XRP’s short-term outlook will hinge on its ability to maintain the $2.50 support zone. A successful retest of this level could create enough buying pressure to retest the March high of $2.71. Such a move would further reinforce the bullish trend, especially if open interest and volume continue to rise. However, if the price fails to hold above $2.50, there is a risk of a deeper pullback. The next significant level of support is located at $2.29, which could act as a price floor in the event of increased selling pressure. Traders shift focus to XRP derivatives While much of the broader crypto market remains subdued, XRP’s outperformance has shifted attention to its derivatives market. The sharp rise in open interest reflects a renewed appetite for speculative positioning, particularly among traders looking to capitalise on short-term price moves. The rally also arrives at a time when XRP has remained largely range-bound for several weeks. The recent uptick in derivatives participation may signal a change in sentiment, with institutional and retail investors seeking exposure through leveraged instruments. As always, the sustainability of the rally will depend on several external factors, including broader market sentiment, regulatory developments around Ripple, and macroeconomic cues. But with open interest climbing and bullish technical patterns in place, XRP could continue to lead gains, at least in the near term. Source: https://coinjournal.net/news/xrp-price-dips-to-2-54-but-open-interest-hits-5-49b-signalling-bullish-pressure/