- XRP recently broke past the $1.40 mark, a level it hasn’t reached in more than three years.
- Market indicators and benchmarks remain broadly bullish, although the potential for a short-term pullback cannot be ruled out.
Over the past month, XRP has experienced explosive growth, rising 165%. This momentum continues, with the token gaining another 24% in the last 24 hours. If the uptrend continues, XRP could soon surpass its all-time high.
To explore the token’s next potential move, AMBCrypto analyzed key market statistics and trends.
XRP is approaching all-time highs
XRP has reached $1.4332 at the time of writing, a level not seen since September 2021 and reflecting renewed interest and strong market demand.
The token is now just $0.5337 lower than its all-time high of $1.9669. If the current buying momentum continues, XRP could quickly break this record.
However, a slowdown in momentum could lead to a pullback to a key support level at 0.9361, as indicated on the chart.
Source: trading view
The market metrics remain overwhelmingly bullish, indicating that there is a good chance that XRP will rise to its all-time high in the near future.
XRP open interest is at an all-time high
The Open Interest of the Ripple Token Has Reached a Record-Breaking $2.47 Billion, Marking the Highest Level Since its Inception, According to Mint glass. This milestone follows a 32.41% increase in Open Interest over the past 24 hours, reflecting increased market activity and demand.
Open Interest, which measures the number of unsettled derivative contracts on an asset, is an important indicator of market sentiment. In this case, the rising levels of XRP Open Interest indicate strong bullish momentum.
Source: Coinglass
The increase is further reinforced by a wave of short liquidations. Short positions worth $14.51 million were forcibly closed in the past 24 hours, outpacing long liquidations.
This liquidation cascade was likely caused by a sharp 177.99% increase in trading volume, which now stands at $21.59 billion.
While market sentiment remains largely bullish, resistance is emerging as some traders hold on to their gains, creating temporary hurdles to XRP’s further rise.
The rally pauses as profit-taking increases
XRP has experienced notable inflows into cryptocurrency exchanges, with Coinglass Exchange Netflow reporting a net positive of $23.72 million.
Source: Coinglass
Realistic or not, here is the XRP market cap in terms of BTC
This move suggests that market participants – spot traders – are transferring XRP to exchanges to take profits. Such activity often signals a short-term lull in bullish momentum.
However, if the sell-off remains temporary, XRP could resume its upward trajectory and position itself to break past its all-time high.
