"XRP, institutional trading volume surges… could rise to $3.60 if it breaks $3.02"
Summary
- CoinDesk reported that XRP's price broke $3 due to strong institutional interest and high trading volume.
- It said that the previous day's open interest in futures reached $7.94 billion and that the market structure suggests accumulation.
- It said that if the short-term resistance at $3.02 is broken, the target price could be adjusted upward to $3.20~$3.60.
An analysis said that XRP's price could surge to $3.60 if it breaks $3.02.
CoinDesk reported on the 11th (local time) that "XRP's price broke $3 due to strong institutional interest and high trading volume." CoinDesk said, "Open interest (OI) in futures on the previous day (the 10th) soared to $7.94 billion, showing that not only spot trading but also derivative positions are being strengthened," adding, "the market structure suggests accumulation."
They cited short-term resistance at $3.02. CoinDesk said, "(If XRP's price) breaks $3.02, the target price could be revised up to $3.20 to $3.60," adding, "it is also crucial whether it can maintain price levels above $3 and turn resistance into support."
Meanwhile, as of 3:55 p.m. that day, XRP was trading at $3.00 on CoinMarketCap. This is about a 1.5% increase from the previous day.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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