XRP’s Futures Open Interest rises 5%, reflecting renewed investor confidence in the coin.
XRP price has continued its run towards north this week, indicating renewed confidence among traders. Besides, it also comes amid a broader crypto market recovery, with Bitcoin and the top altcoins leading the rally.
Meanwhile, it also suggests that the market participants have shrugged off concerns over the recent geopolitical turmoils. Amid this, renowned experts have predicted Ripple Coin price to hit $20 ahead, sparking market optimism.
Ripple coin price today jumped more than 4% and traded at $2.25 during writing. Its one-day volume also rose significantly by 47% to $2.5 billion, indicating increasing trading activity of the coin.
However, despite the surge, the crypto has lost around 4% in the monthly chart while declining about 1% over the past seven days. But the coin’s Futures Open Interest rose around 5% today, reflecting the renewed confidence of the investors in the XRP price.
Meanwhile, it’s worth noting that the surge comes amid a broader crypto market recovery. During writing, the global crypto market cap soared more than 2% to $3.33 trillion and its 24-hour trading volume jumped around 30% to $100 billion.
As the XRP price surged today, analysts have shared a bullish trajectory for the coin. For context, in a recent X post, renowned analyst EGRAG CRYPTO shared a Ripple coin price chart indicating a potential surge to $22-$27, with $20 being a key target.
According to the analyst, XRP’s 9 SMA on the monthly time frame is signaling the last leg of the current trend, hinting at a significant price move. Other analysts also share this optimism, with some predicting targets between $8 and $19 based on historical patterns and technical analysis.
Echoing a similar sentiment, analyst Dark Defender has also predicted a bullish road ahead for XRP price. In a recent X post, the analyst has cited the historical performance of the coin.
Meanwhile, the expert claimed that the crypto is poised to hit $3.55 as long as it holds the $2.20 support. In addition, he also noted that the historical performance indicates a potential rally for the crypto to $20.
Having said that, it appears that the crypto could hit the $20 this cycle.
Apart from the technical analysis and historical performance, the market fundamentals also indicate a surge ahead for the crypto. For context, Polymarket data showed that Ripple ETF approval odds for 2025 sit at 88% now.
This ETF, if approved, could drive the price to a new high. Considering BTC hitting a new high after the ETF approval in the US, it seems that the same development could trigger a robust rally in XRP price.
On the other hand, the anticipation over a resolution in the long-running Ripple Vs SEC case could also help drive the price higher. For context, in the latest lawsuit development, Ripple and the US SEC have filed a joint motion to reduce the penalty to $50 million from the previously decided $125 million.
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