Ripple's XRP is experiencing steady growth, currently reaching a two-month high of $0.64, with a notable 19% increase over the past week. The goal is to achieve the annual high of $0.74, and market signals suggest this could be possible.
A decline in selling pressure, indicated by a negative volume flow from exchanges to wallets, is bolstering XRP's price. This move signifies a reduction in the token's available supply for immediate sale, making a bullish outcome more likely.
Additionally, open positions have increased significantly, demonstrating a 13% rise within the last 24 hours, suggesting fresh liquidity is entering the market. This growth highlights a bullish sentiment and potential for further XRP price increase.
The funding rate for XRP is positive, which implies that traders are optimistic about future price gains. This rate supports the possibility of XRP reclaiming its annual peak as more traders take long positions.
Currently trading at $0.64, XRP needs to overcome a resistance level of $0.66, a mark it has struggled with previously, to move towards its yearly high. Failure to sustain growth may result in a correction below $0.60, negating the bullish outlook.
