XRP $2.44 The price has risen 15% in the last seven days after weeks of consolidation following the altcoin's rally to $3.00 in early December. The XRP/USD pair rose 1.5% to its intraday high of $2.44 on January 6.
XRP's upside potential is supported by rising open interest (OI), which has increased significantly over the past 24 hours.
The chart shows that XRP OI increased by 45% over the last 24 hours from $2.6 billion to $3.7 billion, indicating that investors are opening positions in anticipation of an increase in the price of XRP. This also suggests that more trading activity and money are entering the XRP market.
Historically significant spikes in interest in OI preceded sharp increases in the price of XRP.
For example, this metric jumped by more than 100% from July 13 to July 14, 2023, resulting in a price increase of 107% during the same period.
This price movement occurred after Judge Analisa Torres ruled that the token #Xrp🔥🔥 is not a security in the lawsuit by the Securities and Exchange Commission against #Ripple .
A similar price movement was observed when OI surged by 76% from November 29 to December 3, 2024, accompanied by another 100% price spike during the same period.
If history repeats itself, the latest spike in OI could lead to a breakout of XRP's price consolidation and a significant rise to $13.
