XRP has seen a recent surge in interest, with open interest rising by $1.6 billion. This jump from $2.71 billion to $4.30 billion indicates traders' optimism for a potential price recovery.
The altcoin, however, has been trading sideways, remaining below the $2.73 resistance and above the $2.18 support levels. These fluctuations highlight uncertainties about future price movements.
The funding rate staying positive adds a bullish sentiment, suggesting many traders are ready to seize any upward momentum.
Despite this optimism, on-chain transaction volume reveals losses, with many transactions occurring at prices below acquisition costs. If this persists, it could dampen sentiment and reduce trading momentum.
The potential future for XRP depends on market sentiment swings. A bullish trend might see XRP break $2.73, bringing it closer to its all-time high (ATH) of $3.31.