The price of Ripple [XRP] climbed to $0.53 for the first in 10 days. For some weeks, XRP has been hovering between $0.48 and $0.52 as it
Another round of accumulation, coupled with a recent win in Ripple’s regulatory battle sent XRP to $0.53. But do on-chain metrics support a 100% increase like the token did some months back?XRP may not be able to hold on to its hike following a series of profit-taking despite increases in volume and open interest.climbed to $0.53 for the first time in 10 days. For some weeks, XRP has been hovering between $0.48 and $0.
Also, there has been speculation that the event could spring up a repeat of July’s rally when the token wasnot to be a security. As a result of that judgment, XRP’s value jumped almost 100% within a few hours. But could that be the case now? To find out the possibility, the open interest is one metric that could be very useful. Open interest is the total number of outstanding contracts in the market at the end of a trading day.
When the open interest increases, it means that there is high liquidity in the market. On the other hand, a decrease implies that a lot of positions are being closed.increased. When combined with the price action, it means that the value could increase further, and from the indicator, the token could reach $0.60 in the short term. However, that could only be the case if the open interest sustains its hike.Another metric that might have an impact on the price is the volume.
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