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XRP climbs 9% as open interest jumps to $3.77B, eyes $2.38 target

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June 24, 2025
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XRP climbs 9% as open interest jumps to $3.77B, eyes $2.38 target
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XRP price extended its recovery on Tuesday. The gains came as the broader crypto market responded to the ceasefire between Israel and Iran.

While traders are watching for a bullish breakout above the $2.38 resistance, XRP’s longer-term technical chart has drawn fresh attention due to a head and shoulders pattern.

Veteran analyst Peter Brandt pointed to the formation on the weekly chart but noted that the price is still holding above key support at $1.8790.

XRP is now trading at $2.18, reflecting strengthened bullish sentiment in the short term.

Source: CoinMarketCap

Meanwhile, derivatives activity is on the rise.

XRP open interest surged past $3.77 billion, indicating increased market participation and suggesting that leverage could fuel further gains.

Derivatives data signals increased market activity

Data from CoinGlass shows XRP’s open interest jumped 6.66% to $3.77 billion, reflecting strong inflows into the derivatives market.

The funding rate flipped from -0.0072% to 0.0059%, implying growing bullish sentiment.

When funding rates are positive, it means traders are paying a premium to hold long positions, signalling upward price pressure in the short term.

The liquidation data supports this trend. Short liquidations totalled $9.38 million, compared to $3.10 million in long positions, showing that bearish bets were squeezed as XRP climbed.

Technical levels and the MACD signal a potential breakout

The price of XRP was trading above $2.00 at press time on Tuesday, recovering from a weekly low of $1.9083.

The rebound helped avoid a daily close below the psychologically important $2.00 mark.

XRP price is now approaching its 50-day Exponential Moving Average (EMA) at $2.2164 and 100-day EMA at $2.2324.

If it manages a daily close above these levels, the next key resistance lies at $2.38, a trendline marked by previous peaks on 16 January, 20 January, and 14 May.

The Moving Average Convergence Divergence (MACD) indicator shows the MACD line nearing the signal line, suggesting a potential bullish crossover. This is commonly viewed as a buy signal.

The Relative Strength Index (RSI) is also climbing toward the 50 level from earlier bearish territory, indicating strengthening momentum.

Peter Brandt flags a head and shoulders but remains cautious

Despite the near-term bullish signals, the weekly chart shows a head and shoulders formation, often considered a bearish reversal pattern.

According to analyst Peter Brandt, the neckline of this structure is at $1.8790.

A break below this level could point to a steeper correction, but Brandt suggests the pattern has not completed.

He highlighted that the long-range Doji candle formed on 7 April — a result of high volatility — does not align with the expected symmetry of a typical head and shoulders pattern.

Brandt added that he remains cautiously optimistic as long as XRP holds above the $1.8790 neckline.

Should the token close below this level on the weekly chart, it could signal a shift in trend and a possible review of the technical setup.



How to Invest in XRP today


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