1.7 Billion XRP In 24 Hours. Here’s What Happened

The XRP market has been experiencing significant price swings, with the cryptocurrency plunging from $2.22 to $2.10 within the last 24 hours. Despite the decline, investor confidence remains strong, as demonstrated by the more than 1 billion XRP committed to open interest over the same period.

XRP Price Forecast: A Drop to $1.07 or a Rally to $11?

According to CoinGlass data, the total amount of XRP futures held in derivatives markets stands at 1.74 billion XRP. At current valuations, this figure translates to an impressive $3.65 billion in open interest.

The fact that open interest remains above 1 billion XRP suggests continued enthusiasm among traders, as this metric is widely used to assess investor sentiment. Analysts believe this sustained interest could be attributed to XRP’s resilience in the broader crypto landscape.

Over the past year, XRP has delivered a staggering 240% return—far outpacing Bitcoin, which has grown by just 20.8% during the same timeframe. This significant outperformance has fueled optimism among long-term holders who anticipate continued gains.

Industry experts, however, remain divided on the future trajectory of XRP’s price. Veteran trader Peter Brandt warns that if XRP breaks below the $1.90 support level, it could trigger a sharp decline to $1.07 due to a developing head-and-shoulders pattern.

On the flip side, analyst Dark Defender envisions a bullish breakout that could propel XRP to the $10-$11 range, representing a surge of over 500%. Additionally, Ali Martinez suggests that if XRP surpasses the $3 mark, it could invalidate the bearish formation and shift the overall market sentiment in a positive direction.

Will XRP Experience a Breakout Before April?

Currently, XRP has shed 5.69% of its value, trading at $2.09 as of report time. However, trading activity remains robust, with a 16.23% increase in volume, pushing daily transactions to $4.12 billion.

As March draws to a close, market participants eagerly await a potential price breakout. Whether XRP will rally before April remains uncertain, but with open interest at record levels and trading volume on the rise, the market is bracing for the next big move.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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