XRP is witnessing intense trader engagement this month, propelled by regulatory developments, institutional adoption, and technical breakouts.
Together, these growth catalysts have driven the token to a price of $3.55 at the time of writing, a 75.43% increase over the past month.
Moreover, as recent data from futures trading and information platform CoinGlass shows, the total XRP futures open interest has also gone up, having hit a staggering $10.94 billion.
Referring to the total number of outstanding futures or options contracts that have not yet been settled, open interest shows how much capital is currently locked in by traders betting on XRP’s price movements.
When the price rises along with open interest, it often suggests a bullish outlook backed by fresh money entering the market.
Why is XRP going up?
The momentum follows a broader wave of regulatory and institutional optimism in the wake of the recently passed GENIUS and CLARITY Acts that provided much clearer regulatory frameworks.
In addition, the ProShares XRP Futures exchange-traded fund (ETF) launch added fresh legitimacy to XRP’s institutional appeal.
Accordingly, traders now eye a sustained hold above $3.55–$3.60 to confirm the breakout, while a successful retest could potentially pave the way toward a $6 target.
Namely, as reported on Finbold, XRP has broken out of a multi-year symmetrical triangle pattern on the daily chart, with a measured target of $6.03.
The breakout occurred just after XRP surpassed the critical resistance of $3.66, its highest level in eight years. A daily close above this level could cement bullish momentum, representing a 75% gain from current levels.
Supporting the optimistic outlook, the same report suggests the 90-day spot taker cumulative volume delta (CVD) remains positive, indicating sustained dominance of buyer-side pressure since early June.
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