Summary
- Cointelegraph reported that XRP has shown a pennant pattern implying a continuation of the uptrend on the weekly chart, opening up the possibility of recovering the $3.2 level.
- Based on technical analysis, the outlet stated that there is approximately 40% further upside potential if the upper resistance line of the triangular consolidation is broken.
- They also analyzed that the sharp surge in open interest for futures indicates growing institutional investor attention, which in the past has served as a leading indicator for XRP price increases.
On the 3rd (local time), the cryptocurrency-focused media outlet Cointelegraph reported, "A pennant pattern signaling continued upward momentum has appeared on the XRP/USD weekly chart from Bitstamp," and added, "As a result, there is now a possibility for XRP to reclaim the $3.2 level."
The outlet explained, "From a technical standpoint, XRP is currently accumulating upward momentum," and added, "Especially after the sharp rally that began in November last year, a triangular consolidation zone has formed on the weekly chart, and currently, a cooldown phase is underway."
Furthermore, they stated, "If the upper resistance line of this triangular consolidation is decisively broken, XRP could rise to the $3.2 level according to technical analysis, representing approximately 40% further upside potential from the current price."
Additionally, "open interest in XRP futures across major global exchanges has surged by 11% over the past 24 hours and by 30% over the past 10 days," they noted, analyzing that "this sharp increase in open interest signifies growing institutional investor interest. According to past cases, this has served as a leading indicator of XRP price increases."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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