There has been an upward trend in Bitcoin (BTC) and altcoins in recent days. However, there are some altcoins that differentiate positively from the market. One of these was XRP.
According to Coindesk, interest in XRP futures has increased and almost doubled in the last seven days.
The increasing interest in XRP futures was also positively reflected in the price.
While the increased interest in XRP futures shows that investors expect fluctuations in the XRP price in the future, XRP increased by 12.4% in the last 24 hours, leaving Bitcoin and many other altcoins behind.
While XRP has increased by 40% in the last 7 days, it has risen to $ 0.61, its highest level since April.
While this rise in XRP made investors happy, FXPro senior analyst Alex Kuptsikevich stated that the recent bullish sentiment change in cryptocurrencies has significantly increased the price of XRP.
“XRP had been outperforming the market for a long time, but the reversal in sentiment in crypto led to a massive rally in XRP, once the largest altcoin.
In the latest bounce, the price rose to 60 cents, its highest level since April. “This is an indication of an attempt to return to the upward trend of the last two years.”
While the rise in XRP is already continuing, Kuptsikevich said that it should not be forgotten that XRP may need a rest after the sharp rise.
Finally, the analyst added that these levels are suitable for the peak in XRP because long-term consolidations were seen at these levels in November-December and March.
The analyst also pointed out that a triangle formation has formed on the XRP long-term price charts and stated that this formation indicates a potential upward movement in the coming weeks.
According to Coinglass data, open interest in XRP futures has more than doubled to over $780 million; While more than 60% of recent positions are long positions, this shows that investors expect XRP to rise further.
*This is not investment advice.