XRP has seen a significant surge in speculative interest with open interest levels rising to $2.1 billion, signalling a bullish momentum reminiscent of the post-inauguration rally period. This increase is fueled by positive macroeconomic factors like better-than-expected US inflation data and a US-China trade agreement, which have revitalized risk-on sentiment and encouraged fresh retail liquidity.
Analyst Boris Vest from CryptoQuant notes that XRP futures open interest on Binance is approaching peaks comparable to previous rallies, indicating a resurgence in retail and institutional participation. Despite some aggressive selling reflected by a Taker Buy/Sell Ratio of 0.91, XRP’s price stability suggests that sell orders are being effectively absorbed, pointing to quiet accumulation and positioning for an upward move.
Technically, XRP recently broke out of a falling wedge pattern that had defined its downtrend over the past five months, with a breakout target near $4 signaling a potential 53% price increase. The MACD indicator supports the sustainability of this mid-term trend, though the RSI near overbought levels suggests a possible short-term corrective phase for consolidation near $2.50 before further gains.
Looking ahead, a major catalyst is the upcoming approval deadline for US XRP spot ETFs on June 17. Spot ETFs are anticipated to significantly enhance liquidity and institutional adoption, similar to the impact seen with BTC ETFs, which accounted for a majority of new Bitcoin investments post-launch.
Furthermore, the altcoin market’s current momentum is exemplified by projects like MIND of Pepe ($MIND), which is leveraging AI and community engagement to capitalize on emerging opportunities, having raised over $9.25 million in its presale.