Analyst Sees XRP at $9.96 as XRP Open Interest Surges To $1.04B

XRP led crypto gains over the weekend, with only three assets outperforming it in the top 100 crypto ranking by market cap.

The bullish momentum from XRP has gained steam, driving its price to a six-month high. The XRPL native token has grown over 6% in the past 24 hours, as it currently changes hands at $0.652.

Notably, XRP led gains on Sunday, outperforming most cryptocurrencies in the top 100 ranking by market cap. It was only toppled by Bonk and Flare, who gained 29% and 7%, respectively.

Such impressive price performance shows the uptick in bullish sentiments around the sixth-largest cryptocurrency by market cap. XRP has appreciated almost 10% in the past seven days and 14% over the last month, attaining a price mark last seen in March.

Open Interest Hits Five-Month High

Interestingly, XRP’s surging price has seen open interest in the surge to a five-month high. For context, open interest is the number of contracts traders hold at a given time, often reflecting liquidity and market participation.

Per Coinglass, XRP’s open interest surged to $1.04 billion today, showing increased traction for the XRPL native token. Notably, this indicator grew over 46% from $556 million on September 8, surging along with the XRP price.

XRP Open Interest | Coinglass

Meanwhile, other key metrics indicate further indicate bullishness among market participants on the XRP price. Coinglass shows that the long/short ratio stands at 1.0619, signaling that more traders are betting on the asset to see higher prices across exchanges.

Also, trading volume has surged 26% in the past 24 hours to $4.5 billion. These metrics uptick coincide with speculations from notable analysts, who anticipate these bullish sentiments will push XRP to higher prices.

XRP Poised for $9.98: Analyst

Following the uptick, crypto analyst Raajeev Anand has speculated that XRP could surge substantially to prices like $2, $4.2, and even $9.98. These respectively represent 308%, 646%, and 1,535% upticks from the current market price.

Anand noted in an X post that XRP has broken out of a symmetrical triangle, a strong propellant for the higher price expectations. The market speculator also pointed to fundamental analysis, such as the Ripple settlement with the US Securities and Exchange Commission, as a bullish factor.

Another analyst, Jaydee, shared a similar bullish sentiment on the XRP price. However, he based his price uptick analysis on the surging relative strength index (RSI). In an X post, the analyst noted that XRP’s RSI is breaking out of a 7-year trendline.

He says a successful close above that trendline will be “the most bullish thing to happen in the last seven years.”

XRP RSI

Notably, other analysts have made even more ambitious calls for XRP. Analyst EGRAG called that XRP would hit 31%, while investment firm Linqto discussed the possibility of the token to trade at $1,000.

Source