Following the announcement of the resolution of all legal appeals between Ripple and the U.S. Securities and Exchange Commission (SEC), XRP experienced a notable price increase exceeding 10%, reaching $3.33. This development significantly boosted market enthusiasm, leading to a remarkable 200% surge in the 24-hour trading volume of XRP futures contracts, which rose to $12.4 billion—surpassing Solana’s $9.6 billion in futures volume.
Open interest in these futures contracts also rose by 15%, reaching $5 billion, with the majority of investors holding long positions. The daily funding rate remains positive, indicating prevailing buyer dominance. However, analysts caution that the high concentration of long positions could heighten the risk of liquidations if prices undergo a sudden correction. On-chain data reveals that approximately 1.7 billion XRP were purchased at price points between $2.80 and $2.82, suggesting a strong support zone around this range.
Technically, XRP has broken above a bull flag pattern, a formation commonly interpreted as a signal for further upward momentum. According to this analysis, the price target could reach $4.50 by September or October, representing an approximately 35% increase from current levels. Additionally, the Federal Reserve’s potential interest rate cut anticipated in September may stimulate demand for risk assets, further supporting XRP’s price appreciation.
Market experts project that by the end of the year, XRP’s price could range between $5 and $8, with some forecasts even suggesting a potential rise to $10. With the resolution of legal uncertainties and the surge in trading activity, the outlook for XRP appears decidedly bullish. Nevertheless, investors are advised to remain cautious, mindful of the risks posed by rapid price movements and the possibility of sharp downturns.
Source: binance
