• bitcoinBitcoin (BTC) $ 63,286.00
  • ethereumEthereum (ETH) $ 2,481.97
  • tetherTether (USDT) $ 0.999730
  • bnbBNB (BNB) $ 577.86
  • solanaSolana (SOL) $ 146.68
  • usd-coinUSDC (USDC) $ 1.00
  • xrpXRP (XRP) $ 0.541050
  • staked-etherLido Staked Ether (STETH) $ 2,480.54
  • dogecoinDogecoin (DOGE) $ 0.111782
  • tronTRON (TRX) $ 0.163247
  • the-open-networkToncoin (TON) $ 5.30
  • cardanoCardano (ADA) $ 0.356143
  • avalanche-2Avalanche (AVAX) $ 29.23
  • shiba-inuShiba Inu (SHIB) $ 0.000018
  • wrapped-stethWrapped stETH (WSTETH) $ 2,927.48
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 63,138.00
  • wethWETH (WETH) $ 2,481.68
  • chainlinkChainlink (LINK) $ 11.12
  • bitcoin-cashBitcoin Cash (BCH) $ 331.27
  • suiSui (SUI) $ 2.23
  • polkadotPolkadot (DOT) $ 4.25
  • uniswapUniswap (UNI) $ 8.03
  • nearNEAR Protocol (NEAR) $ 4.89
  • daiDai (DAI) $ 1.00
  • leo-tokenLEO Token (LEO) $ 6.00
  • litecoinLitecoin (LTC) $ 66.56
  • bittensorBittensor (TAO) $ 665.76
  • aptosAptos (APT) $ 9.48
  • pepePepe (PEPE) $ 0.000010
  • wrapped-eethWrapped eETH (WEETH) $ 2,601.79
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 1.48
  • internet-computerInternet Computer (ICP) $ 8.16
  • kaspaKaspa (KAS) $ 0.136526
  • first-digital-usdFirst Digital USD (FDUSD) $ 1.00
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.374680
  • moneroMonero (XMR) $ 153.55
  • ethereum-classicEthereum Classic (ETC) $ 18.84
  • dogwifcoindogwifhat (WIF) $ 2.76
  • stellarStellar (XLM) $ 0.092149
  • blockstackStacks (STX) $ 1.77
  • okbOKB (OKB) $ 42.45
  • immutable-xImmutable (IMX) $ 1.55
  • ethena-usdeEthena USDe (USDE) $ 0.998626
  • aaveAave (AAVE) $ 148.14
  • whitebitWhiteBIT Coin (WBT) $ 15.17
  • render-tokenRender (RENDER) $ 5.54
  • optimismOptimism (OP) $ 1.73
  • filecoinFilecoin (FIL) $ 3.65
  • crypto-com-chainCronos (CRO) $ 0.077629
  • injective-protocolInjective (INJ) $ 20.97
  • mantleMantle (MNT) $ 0.609140
  • arbitrumArbitrum (ARB) $ 0.543064
  • hedera-hashgraphHedera (HBAR) $ 0.051752
  • fantomFantom (FTM) $ 0.693079
  • vechainVeChain (VET) $ 0.022951
  • cosmosCosmos Hub (ATOM) $ 4.36
  • thorchainTHORChain (RUNE) $ 5.05
  • sei-networkSei (SEI) $ 0.475165
  • the-graphThe Graph (GRT) $ 0.168099
  • bonkBonk (BONK) $ 0.000022
  • bitget-tokenBitget Token (BGB) $ 1.09
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,478.57
  • popcatPopcat (POPCAT) $ 1.52
  • flokiFLOKI (FLOKI) $ 0.000141
  • rocket-pool-ethRocket Pool ETH (RETH) $ 2,772.87
  • theta-tokenTheta Network (THETA) $ 1.31
  • mantra-daoMANTRA (OM) $ 1.51
  • arweaveArweave (AR) $ 19.59
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,588.18
  • makerMaker (MKR) $ 1,373.89
  • pyth-networkPyth Network (PYTH) $ 0.327513
  • celestiaCelestia (TIA) $ 5.52
  • gatechain-tokenGate (GT) $ 9.22
  • heliumHelium (HNT) $ 6.69
  • solv-btcSolv Protocol SolvBTC (SOLVBTC) $ 63,271.00
  • jupiter-exchange-solanaJupiter (JUP) $ 0.804766
  • worldcoin-wldWorldcoin (WLD) $ 2.03
  • ondo-financeOndo (ONDO) $ 0.721618
  • algorandAlgorand (ALGO) $ 0.123821
  • matic-networkPolygon (MATIC) $ 0.375903
  • lido-daoLido DAO (LDO) $ 1.09
  • kucoin-sharesKuCoin (KCS) $ 8.12
  • quant-networkQuant (QNT) $ 67.04
  • based-brettBrett (BRETT) $ 0.097783
  • jasmycoinJasmyCoin (JASMY) $ 0.019527
  • ethenaEthena (ENA) $ 0.333481
  • neiro-3Neiro (NEIRO) $ 0.002161
  • bitcoin-svBitcoin SV (BSV) $ 45.86
  • bittorrentBitTorrent (BTT) $ 0.00000092
  • galaGALA (GALA) $ 0.022104
  • wormholeWormhole (W) $ 0.323377
  • coredaoorgCore (CORE) $ 0.933052
  • flowFlow (FLOW) $ 0.552802
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 2,465.65
  • fasttokenFasttoken (FTN) $ 2.56
  • starknetStarknet (STRK) $ 0.429466
  • notcoinNotcoin (NOT) $ 0.008044
  • beam-2Beam (BEAM) $ 0.015935
  • aerodrome-financeAerodrome Finance (AERO) $ 1.26
  • spx6900SPX6900 (SPX) $ 0.851769
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 2,530.31
  • conflux-tokenConflux (CFX) $ 0.175023
  • msolMarinade Staked SOL (MSOL) $ 179.32
  • klay-tokenKlaytn (KLAY) $ 0.129972
  • elrond-erd-2MultiversX (EGLD) $ 27.38
  • neoNEO (NEO) $ 10.64
  • flare-networksFlare (FLR) $ 0.014879
  • usddUSDD (USDD) $ 0.999346
  • ordinalsORDI (ORDI) $ 35.58
  • eosEOS (EOS) $ 0.480052
  • axie-infinityAxie Infinity (AXS) $ 4.77
  • eigenlayerEigenlayer (EIGEN) $ 3.85
  • tezosTezos (XTZ) $ 0.702394
  • mog-coinMog Coin (MOG) $ 0.000002
  • nervos-networkNervos Network (CKB) $ 0.015713
  • ecasheCash (XEC) $ 0.000035
  • tokenize-xchangeTokenize Xchange (TKX) $ 8.49
  • pendlePendle (PENDLE) $ 4.21
  • paypal-usdPayPal USD (PYUSD) $ 0.999819
  • axelarAxelar (AXL) $ 0.832177
  • tether-goldTether Gold (XAUT) $ 2,659.73
  • fraxFrax (FRAX) $ 0.996816
  • the-sandboxThe Sandbox (SAND) $ 0.265667
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 63,268.00
  • akash-networkAkash Network (AKT) $ 2.54
  • mina-protocolMina Protocol (MINA) $ 0.538252
  • chilizChiliz (CHZ) $ 0.068935
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 2,545.53
  • cat-in-a-dogs-worldcat in a dogs world (MEW) $ 0.006892
  • aleoALEO (ALEO) $ 2.95
  • dydx-chaindYdX (DYDX) $ 0.935706
  • sats-ordinalsSATS (Ordinals) (SATS) $ 0.00000029
  • ethereum-name-serviceEthereum Name Service (ENS) $ 17.36
  • roninRonin (RON) $ 1.62
  • dog-go-to-the-moon-runeDOG•GO•TO•THE•MOON (Runes) (DOG) $ 0.005625
  • decentralandDecentraland (MANA) $ 0.300724
  • nexoNEXO (NEXO) $ 1.00
  • superfarmSuperVerse (SUPER) $ 1.21
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 63,463.00
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 2,480.95
  • zcashZcash (ZEC) $ 34.85
  • pancakeswap-tokenPancakeSwap (CAKE) $ 1.88
  • beldexBeldex (BDX) $ 0.077839
  • aioz-networkAIOZ Network (AIOZ) $ 0.461661
  • pax-goldPAX Gold (PAXG) $ 2,667.63
  • turboTurbo (TURBO) $ 0.007560
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000089
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 2,678.37
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 2,482.61
  • book-of-memeBOOK OF MEME (BOME) $ 0.007202
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 152.84
  • zksyncZKsync (ZK) $ 0.134735
  • true-usdTrueUSD (TUSD) $ 0.998735
  • apecoinApeCoin (APE) $ 0.734050
  • havvenSynthetix Network (SNX) $ 1.50
  • dexeDeXe (DEXE) $ 8.59
  • oasis-networkOasis (ROSE) $ 0.071553
  • arkhamArkham (ARKM) $ 1.70
  • baby-doge-coinBaby Doge Coin (BABYDOGE) $ 0.00000000
  • raydiumRaydium (RAY) $ 1.79
  • layerzeroLayerZero (ZRO) $ 4.23
  • safeSafe (SAFE) $ 0.952138
  • trust-wallet-tokenTrust Wallet (TWT) $ 1.11
  • gigachad-2Gigachad (GIGA) $ 0.048358
  • blurBlur (BLUR) $ 0.235826
  • gnosisGnosis (GNO) $ 173.95
  • metaplexMetaplex (MPLX) $ 0.452353
  • celoCelo (CELO) $ 0.807277
  • astarAstar (ASTR) $ 0.060450
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999709
  • livepeerLivepeer (LPT) $ 12.48
  • iotaIOTA (IOTA) $ 0.124172
  • frax-etherFrax Ether (FRXETH) $ 2,467.11
  • xdce-crowd-saleXDC Network (XDC) $ 0.028386
  • dydxdYdX (ETHDYDX) $ 0.936169
  • apenftAPENFT (NFT) $ 0.00000042
  • theta-fuelTheta Fuel (TFUEL) $ 0.061660
  • dogs-2Dogs (DOGS) $ 0.000792
  • echelon-primeEchelon Prime (PRIME) $ 8.49
  • usdbUSDB (USDB) $ 1.00
  • l2-standard-bridged-weth-blastL2 Standard Bridged WETH (Blast) (WETH) $ 2,482.16
  • constitutiondaoConstitutionDAO (PEOPLE) $ 0.079630
  • super-oethSuper OETH (SUPEROETHB) $ 2,481.55
  • compound-governance-tokenCompound (COMP) $ 45.26
  • bitcoin-goldBitcoin Gold (BTG) $ 22.25
  • ethereum-pow-iouEthereumPoW (ETHW) $ 3.64
  • stepnGMT (GMT) $ 0.133268
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.06
  • osmosisOsmosis (OSMO) $ 0.555043
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 63,318.00
  • kavaKava (KAVA) $ 0.347696
  • iotexIoTeX (IOTX) $ 0.039613
  • polygon-pos-bridged-weth-polygon-posPolygon PoS Bridged WETH (Polygon POS) (WETH) $ 2,478.50
  • binance-peg-busdBinance-Peg BUSD (BUSD) $ 1.00
  • dymensionDymension (DYM) $ 1.75
  • bitcoin-avalanche-bridged-btc-bBitcoin Avalanche Bridged (BTC.b) (BTC.B) $ 63,201.00
  • reserve-rights-tokenReserve Rights (RSR) $ 0.006761
  • safepalSafePal (SFP) $ 0.715001
  • golemGolem (GLM) $ 0.341269
  • 1inch1inch (1INCH) $ 0.262954

XRP Price Outperforms Crypto Markets as Open Interest Holds at $540M

0 86

XRP price stalled at $0.51 on May 2, 2024, and despite wobbling with the market over the past month, derivatives traders are showing remarkable resilience.

XRP price is Outperforming the Market

XRP price suffered volatile swings in April, as it recorded a 24% decline for the month. But remarkably, a closer look at the recent market activity suggests that XRP has outperformed Bitcoin, Ethereum and the broader crypto market in the last 10 days.

XRP Price Outperforms Crypto Markets as Open Interest Holds at $540M

XRP Price Action

Since April 23, XRP price has declined 10.1% according to the the market data depicted above.

Meanwhile, the TOTAL CRYPTOCAP chart which tracks the market capitalization of all listed crypto assets, shows a decline of 13.3% during the same 10-day timeframe between April 23 and May 2.

This essentially indicates that XRP price has outperformed the overall crypto markets by a 3% margin in the recent week.

Speculative Traders’ Optimism Behind XRP Price Resilience

Looking beyond the price charts, recent trends observed in the derivatives markets suggest optimistic speculative traders are behind XRP’s resilient price performance relative to the broader crypto sector.

Coinglass’ Open Interest chart below tracks real-time swings in the value of active futures contracts opened for a specific cryptocurrency asset.

XRP Price Outperforms Crypto Markets as Open Interest Holds at $540M

XRP Open Interest vs Price

On April 23, XRP open interest stood at $562.3 million. At the time of publication on May 2, that figure has declined to $540.2 million, with $22 million deficit representing a 4% decline.

Meanwhile, XRP price dropped by 10.1% during the same 10-day period between April 23 and May 2.

When open interest holds steady with smaller declines compared to price, strategic investors may interpret it to be a bullish signal.

Firstly, it suggests that despite the drop in price, market participants are maintaining their positions, making hedge purchases rather than exit. This continued show of interest in XRP indicates underlying confidence among existing holders.

Secondly, the relatively stable open interest may indicate fatigue among sellers, which is often a precursor to a rebound phase.

XRP Price Forecast: Bulls to Hold $0.50 Support

Drawing inferences from the market data analyzed above, a stable open interest could keep XRP price above $0.50 in the days ahead. However, the prospect of a definitive rebound toward $0.60 still relies heavily on demand returning to the broader crypto markets.

On a positive note, the Bollinger bands technical indicator shows that XRP is currently trading just above the 20-day SMA at $0.51, giving bulls the upper hand in the near-term.

XRP Price Outperforms Crypto Markets as Open Interest Holds at $540M

XRP Price Forecast

If the bulls move to extend the recovery phase further, they could face a major resistance at $0.55, as depicted by the upper-limit Bollinger band indicator.

On the contrary, the bears could seize control if XRP loses the $0.45 psychological support. However, that outcome seems unlikely in the near term with the open interest holding steady, and a potential buy-wall mounted at the $0.48 level.

Source

Leave A Reply

Your email address will not be published.