Ripple's XRP has been on a steady upward trend over the past week, now trading at a two-month high of $0.64. It has seen a 19% increase over the past week, potentially aiming to reach its year-to-date high of $0.74.
Key indicators such as a decrease in XRP's selling pressure and its negative exchange flow volume suggest the continued uptrend, signaling bullish market sentiments. With 39 million XRP tokens moved off exchanges, supply for immediate sale decreases, driving prices higher.
An accompanying surge in open interest, currently at $989 million, increases by 13% in 24 hours. This indicates fresh liquidity entering the market, further supporting a bullish outlook for XRP.
XRP has maintained a positive funding rate of 0.047%, suggesting holders are optimistic about a continued price rally. More traders taking long positions is a sign of bullish dominance in the market.
With its current price at $0.64, XRP is eyeing the long-term resistance level at $0.66. If successfully breached, it could aim for its year-to-date high of $0.74. However, if bullish momentum wanes, XRP risks falling below $0.60, potentially invalidating bullish projections.
