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- The rising bullish sentiment translated into an 8.5% gain for XRP over the past day.
- A rise in Open Interest could trigger a bullish rally.
Ripple [XRP] extended its range-bound move with an 8.5% recovery against the $0.48 price zone. This pushed XRP past the $0.5 midpoint and could serve as a catalyst for a bullish breakout from the price range.
How much is 1, 10 or 100 XRP worth today?
AMBCrypto’s previous price analysis highlighted growing bullish sentiment, with Open Interest and Spot CVD rising higher.
Therefore Bitcoin [BTC] A quick rally above $29,000, along with the Securities Exchange Commission dropping the lawsuit against Ripple executives, sparked a bullish reaction in the market. Is this what XRP needs to make a bullish run?
Consolidation of gains above $0.5 could trigger a bullish rally
Source: XRP/USDT on trading view
The bullish bias was clearly visible in the market, with the CMF (Chaikin Money Flow) moving into positive territory with a reading of +0.12. This indicated good capital inflows into XRP as buyers looked to ride the wave of optimism surrounding the altcoin.
With prices trading above the mid-range $0.5, a candle closing above the mid-range on the higher time frames could spur more buyers into action. If the upper threshold of $0.556 is removed, it would pave the way for a strong rally towards the $0.6 to $0.65 price zone.
Meanwhile, the RSI (Relative Strength Index) showed increasing buying pressure. It climbed above the neutral 50s last day and recorded a reading of 65 at the time of writing.
Read Ripple’s [XRP] Price forecast 2023-24
The bullish conviction on the futures market is being strengthened
Source: Coinalyse
The rise in Open Interest (OI) reiterated the bullish bias on XRP. According to Coinalysethe OI has risen by 15.6% in the past 24 hours. This took it from $363 million to $409 million at the time of writing. A rise in OI and price is usually a strong signal of further bullish gains.
Moreover, spot CVD, which started rising on October 9, continued to rise. This showed that there was continued demand for XRP, which could provide additional profits for buyers in the short term.