The Ripple price is holding steady despite facing lower open interest and trading volume declines. With a daily price gain of 1.52%, XRP remains positioned for a possible breakout, even as broader market fluctuations continue.
Ripple Price Maintains Support in Consolidation Phase
XRP price is currently trading at $2.14, showing a modest increase of 1.52% over the last 24 hours. While this growth appears stable, the digital currency is still below its daily high of $2.174.
The price pattern has reflected a trend of lower highs and lower lows, suggesting market indecision. This behavior shows that although there are bullish signs, the token has not confirmed a clear upward direction. XRP has gained 11.72% over the past seven days, which reinforces a short-term positive outlook.
XRP Open Interest and Volume Show Mixed Market Signals
The XRP market recorded a 5.3% drop in open interest, according to Coinglass data. This reflects a reduction in futures market participation, with only $3.1 billion currently committed, representing about 1.45 billion XRP.
The daily exchange trading volume suffered a 13% reduction, reaching an approximate total of $3.4 billion during this period. The market reached $4 billion earlier but subsequently fell to $4 billion later. The cryptocurrency market shows strength through Ripple’s ability to maintain its value even with these value decreases. The Relative Strength Index (RSI) of the XRP/USDT daily pair currently shows 49, which indicates the token positions itself in a position of neutrality.
The Bollinger Bands have illustrated decreased volatility rates. The token will likely stay in a consolidating phase ahead of major price changes while momentum remains low.
Institutional Flows Signal Ongoing Support for XRP
XRP stood alone as the one prominent cryptocurrency to receive investor flow during last week according to CoinShares data reports. The institutional funds withdrew capital from Bitcoin and Ethereum systems however they continued to deposit money into XRP.
Ripple is getting continuing support from institutional investors during periods with changing market feelings. Institutional buying activity shows potential to back up a price recovery in the upcoming short or medium term.
Ripple Labs Activity May Strengthen XRP Fundamentals
Long-term confidence in the XRP token receives support from several strategic actions taken by Ripple Labs. Ripple deepened its entrance into standard financial markets through the acquisition of Hidden Road which became a component of Ripple’s prime brokerage services.
Ripple maintains progress in developing network solutions that integrate RLUSD and XRP for cross-border payments. Market observers track these strategic moves to evaluate how they will impact XRP price stability while encouraging more people to utilize its use cases.
XRP Bulls Still in Play Despite Market Drawdowns
The price of XRP continues to stay above fundamental support areas, although spot market and derivative activity has dropped. Traders analyzing short-term market activity look for price breakdowns only after trading volumes increase and institutions start showing investment activity.
Market participants must observe alterations in trading volume along with RSI movement and overall market trends. Current XRP market activity indicates ongoing bullish support for resistance against price decline and reaching higher levels.
#blockchain #crypto, #decentralized, #distributed, #ledger
This news is republished from another source. You can check the original article here
