Great for Ripple’s price? This XRP metric reaches a 3-month high

TL;DR

XRP’s value soared 40% in a week, briefly reaching $0.63 and becoming the sixth largest cryptocurrency by market capitalization. Key metrics including transaction volume and open interest rose, indicating strong market interest and the potential for further price increases. XRP on the go

Ripple’s XRP has been one of the best-performing cryptocurrencies in recent times, with its price up roughly 40% on a weekly basis. Yesterday (July 17), it broke the $0.63 mark for the first time since late March, currently trading around $0.61 (according to CoinGecko data).

XRP Price, Source: CoinGecko

XRP also became the sixth largest cryptocurrency after its market capitalization (currently in the region of $34 billion) surpassed that of Lido Staked Ether (STETH) and USDC (USDC).

The rally coincided with the resurgence of important indicators that are part of the XRP ecosystem. For example, the number of transactions executed in a 24-hour period exceeded 4 million, while the average number of transactions per ledger reached a six-month high.

Another metric that has recently headed north is XRP open interest. The figure topped $600 million on July 17, a level last seen in mid-April.

XRP open interest refers to the total number of outstanding derivative contracts, such as futures and options, that have not been settled. A rise in the indicator suggests a high level of market participation and could indicate solid investor interest. It could also be a precursor to a violent price move in either direction.

The trail far from over?

Several industry participants pointed to XRP’s rally, speculating that the bull run has yet to reach new heights. User X EGRAG CRYPTO predicted a rise above $0.75 if the valuation breaks through the $0.65 mark. “Anything below 0.75c is just market noise,” the trader added.

Nebraskangooner, an X user with nearly 350,000 followers, argued that XRP has formed “a nice channel” at resistance in the past 12 months, predicting a possible break to $1.

Crypto Michael was even more bullish, stating that the asset could become “one of the biggest bombs of the year” once the major resistance level of $0.56 is broken. The price broke through the zone represented a few hours after the prediction.

More recently, Dark Defender speculated that XRP’s “precise level” after breaking above $0.66 is $1.03715. Prior to that, the analyst predicted a massive rise to the $18-$36 range.

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