Will XRP’s $5B Open Interest Spell a Price Surge? 🤔💰

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  • As the SEC, with all its bureaucratic solemnity, began to review the WisdomTree XRP Trust, XRP’s Open Interest soared to a dizzying $5B. Oh, the thrill of it all!
  • Yet, XRP, the capricious little scamp, dipped to $2.2983, a mere 0.80% decline, with key levels for BOS at $2.20 and EQHs hovering around $2.40-$2.70. How quaint.

Ripple [XRP], in a display of market theatrics, witnessed a surge in Open Interest in the Futures market, reaching a staggering $4.56 billion, according to CoinGlass. Binance, ever the generous benefactor, contributed $895.58M, while Bybit, not to be outdone, added $760M. Gateio and MEXC, the lesser-known siblings, chipped in with $750M and $206.94M, respectively. A veritable feast of financial fervor!

Despite the continued interest among traders in options, XRP remained as stubborn as a mule, refusing to budge from its cozy perch at $2.30. Ah, the resilience of the underdog!

The belief in a market moving higher, much like the belief in a unicorn’s horn, can be expected if the number of open contracts rises as the price ascends. But let’s not get ahead of ourselves, shall we?

However, if interest rates rise and prices either plummet or remain obstinately static, the market might face a prolonged period of existential dread. Such is the whimsical nature of finance.

Market positioning, with all its cryptic signals, suggests that if sentiment improves, we might witness a significant change in price. Or not. The market, after all, is a fickle mistress.

XRP price analysis amid daily decline

After a series of Change of Character (CHoCHs), XRP, the dramatic diva of the crypto world, fell to $2.2983, a 0.80% decline, and found itself in a demand zone. How delightfully predictable.

There were Break of Structure (BOS) levels at $2.20 and between $2.40 and $2.70, where the price hit equal highs a few times. Pricing was held within a fairly tight band, with every attempt to breach $2.40 being met with polite rejection and numerous repeat CHoCHs. It suggested that bullish energy, much like a tired old horse, was starting to wane.

If the price remains above $2.20, XRP might muster the courage to jump to the $2.40 mark and encounter EQHs at around $2.50. A successful breach above the $2.50 price level might lead to a price test of the $2.70 resistance zone. But who knows? The market is a capricious beast.

However, if the support at $2.20 breaks, XRP could once again descend to the demand zone near $2.10. A visible EQL was formed near $2.22, a price level that warrants close attention. The market, it seems, is a master of suspense.

The market is expected to remain bullish if $2.40 is reclaimed. Failure to rise above $2.20 might invite stronger bearish price action. XRP traders, ever the optimists, should keep an eye on resistance above $2.40 and beneath $2.70, as well as reactions at $2.10–$2.20.

SEC review on WisdomTree

Meanwhile, the SEC, with its usual air of solemnity, was evaluating the WisdomTree XRP Trust. The Cboe BZX Exchange, in a bold move, proposed to the SEC the approval of an XRP-based product. The SEC, ever the cautious guardian, acknowledged the matter on March 11th and decided to extend the timeframe for its consideration.

However, the SEC has not yet decided whether to approve, deny, or seek more information. The response, as one might expect, revealed that regulators are as cautious as a cat on a hot tin roof when it comes to introducing crypto trading.

Even if the review doesn’t confirm approval, it does show that the SEC has given the topic serious focus. The work, it seems, remains in progress. A tantalizing cliffhanger, indeed!

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2025-05-29 04:10