Ripple’s XRP token amassed close to $1 billion in open interest over the weekend, while its price hovers around $0.61 at press time, data from CoinGlass shows. What’s Different About XRP Price Action? While the top two cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), have been down 1.5% and 2.3% over the past week, XRP has been up 4.1% during the same period. Several factors could explain XRP’s counter-trend price action. For example, digital asset manager Grayscale Investments recently launched a closed-end XRP Trust in the US, enabling institutional investors to gain exposure to one of the top ten cryptocurrencies by reported market cap. Related Reading: Grayscale Unveils First XRP Trust In The US, ETF Ahead? Grayscale’s Trust surged by more than 11% within a week, hinting at strong institutional demand for the seventh largest crypto-asset. The launch of the Trust has also fuelled speculations about the potential approval of an XRP exchange-traded fund (ETF) shortly. If the US Securities and Exchange Commission (SEC) approves an XRP-based ETF, it would become only the third digital asset with its own ETF. Another key development in the Ripple ecosystem is the anticipated launch of its USD-pegged stablecoin, RLUSD. Currently, crypto analysts on X are closely watching the stablecoin in private beta testing on both the XRP and Ethereum networks. According to a recent update, 480,000 RLUSD was minted at RLUSD Treasury, signaling active development of the stablecoin before its integration into Ripple’s services, including its cross-border payment products. The stablecoin can also be used in decentralized finance (DeFi) protocols across blockchains. Implications Of Rising Open Interest Data from CoinGlass indicates that open interest in XRP surged to more $1 billion over the weekend before it tumbled to roughly $945 billion at press time. Spot trading volume in the last 24 hours stands slightly above $2 billion. A rise in open interest typically indicates increased market activity, suggesting that more contracts are being opened. This may signal expectations of a price move in either direction, depending on the prevailing market sentiment. Notably, XRP’s open interest was last recorded around the $1 billion mark in March 2024. As for price action, crypto analysts have divided opinions on XRP. Ripple Labs’ recent legal victory over the SEC provided optimism for the altcoin bulls, with one analyst predicting that if the token overcomes key resistance levels, it could surge to between $16 and $20. Related Reading: XRP To $1,000? Experts Weigh In On Bold Predictions And Market Realities Meanwhile, another crypto analyst, Carl Runfelt, highlighted a multi-year bullish triangle pattern on the token’s chart. He noted that if XRP breaks the pattern and goes parabolic, it could rise by more than 200% within weeks. On the contrary, XRP’s inability to break through the $0.60 resistance level decisively could lead the token to retest the $0.55 support level. XRP trades at $0.61 at press time, down 1.6% in the past 24 hours. Featured image from Pixabay, charts from CoinGlass.com and Tradingview.com
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Dogecoin (DOGE) Falls to Support: Can It Avoid a Breakdown?
Dogecoin extended losses and traded below $0.1120 against the US Dollar. DOGE is now stable above $0.100 and attempting a rebound. DOGE price started another decline below the $0.1150 and $0.1120 levels. The price is trading below the $0.1120 level and the 100-hourly simple moving average. There is a major bearish trend line forming with resistance at $0.1175 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could start another increase if it clears the $0.1120 and $0.1175 resistance levels. Dogecoin Price Trims Gains Dogecoin price failed to continue to higher above the $0.1320 resistance zone. DOGE formed a high at $0.1320 and started a downward move like Bitcoin and Ethereum. There was a move below the $0.1200 and $0.1150 levels. The price even dipped below the $0.1120 support. A low was formed at $0.1025 and the price is now consolidating losses. There was a minor increase above the $0.1060 level. Dogecoin price is now trading below the $0.1150 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1095 level. It is close to the 23.6% Fib retracement level of the downward move from the $0.1320 swing high to the $0.1025 low. The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance might send the price toward the $0.1175 resistance. There is also a major bearish trend line forming with resistance at $0.1175 on the hourly chart of the DOGE/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $0.1320 swing high to the $0.1025 low. Any more gains might send the price toward the $0.1200 level. The next major stop for the bulls might be $0.1320. More Losses In DOGE? If DOGE’s price fails to climb above the $0.1095 level, it could start another decline. Initial support on the downside is near the $0.1060 level. The next major support is near the $0.1050 level. The main support sits at $0.100. If there is a downside break below the $0.100 support, the price could decline further. In the stated case, the price might decline toward the $0.0950 level or even $0.0880 in the near term. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level. Major Support Levels – $0.1060 and $0.1000. Major Resistance Levels – $0.1095 and $0.1120. NewsBTC
P Diddy Hires Same Lawyer as FTX`s Sam Bankman-Fried
Sean "P Diddy" Combs, the rapper and record producer currently facing serious criminal accusations, has hired the attorney of FTX founder Sam Bankman-Fried. NewsBTC