Here’s why XRP price turns bullish and set for ‘potential rally’

After prolonged consolidation, the action of XRP prices seems to become optimistic, with technical models pointing towards the rise.

A report by the blockchain company based in Singapore Matrixport shows that the relative force index oscillates almost 40%, leaving room for potential overvoltage. The company noted that in the past, XRP (Xrp) has often been rallied when RSI is around this level, generally facing a resistance closer to 70%.

Matrixport also notes that other gains may depend on regulatory developments. If the dry takes another look at its file against Ripple Labs under the new administration, XRP could have even more room to run, says the company.

“The recent rebound could have increased, in particular if the dry revisits its legal affair against Ripple Labs under the new American administration. With the RSI currently close to 40%, the technical configuration seems favorable for a potential rally. »»

Matrix

Coanyze market data show that XRP’s open interest in perpetual contracts and ultimately dropped 3.5% in the last 24 hours to $ 1.8 billion.

This suggests that some traders reduce leverage positions, either to lock profits or manage risks. This could also mean that speculative trading cools after the recent price leap. But if an open interest begins to climb next to the price gains, it could be a sign that the bullish momentum takes care.

At the time of the press, Bebit holds most of XRP’s open interest at $ 783 million, followed from Binance to $ 724 million.

In the meantime, the dry officially recognized Graycale’s deposit for an ETF XRP spot, starting the examination process that could put the fund on the market later this year. Then the agency should examine the requests of other companies that jumped after Grayscale. Until now, Bitwise, 21Shares, Canary Capital and Wisdom have all submitted their own proposals and are waiting for the dry to go to the next step.

At the time of writing the editorial staff, XRP is traded at 2.76% at $ 2.59.