TLDR
- XRP price reached $2.54 with 20% weekly gains before small pullback
- Trading volume increased on Binance as market participants return
- Open interest climbing from $530 million, showing renewed market interest
- Price finding solid support at $2.42 with hourly chart showing bullish pattern
- Key resistance at $2.60 with technical indicators turning positive
XRP has moved in tandem with the broader crypto market rally, posting a 20% increase over the past week before experiencing a minor correction.
At the time of writing, XRP is trading at $2.54, down 2% in the last 24 hours but still maintaining most of its recent gains.
The digital asset has shown resilience after finding support above recent lows. This comes as trading activity picks up across major exchanges.
On-chain data shared by CryptoQuant analyst BorisVest reveals a revival in XRP derivatives trading on Binance. This uptick in activity suggests traders are returning to the market after a period of lower engagement.
The previous decline in open interest has reversed course. Market participants appear to be re-establishing leveraged positions, hinting at renewed optimism after the recent market reset.
Trading Metrics Reveal Changing Dynamics
Open interest for XRP futures has bounced back from its low of $530 million. This recovery shows improving market sentiment after dropping sharply from its previous peak of $1.5 billion.
This metric, which tracks the total number of outstanding futures contracts, often serves as a barometer for market engagement and trader confidence.
Funding rates on Binance have reached equilibrium. These rates measure the cost of holding long versus short positions in perpetual futures contracts.
During the recent price correction, funding rates had turned negative. This indicated a prevalence of short positions, creating conditions for a potential short squeeze scenario.
The current Taker Buy/Sell Ratio sits at 0.91, showing that selling pressure still slightly outweighs buying pressure. However, price stability despite this selling pressure suggests larger buyers may be absorbing the sell orders.
This pattern of absorption often precedes positive price movements. It indicates that despite aggressive selling, demand remains strong enough to maintain price levels.
Good morning everybody!#XRP is on track.
Cheers! pic.twitter.com/4tyL09WrQ1
— Dark Defender (@DefendDark) May 14, 2025
XRP established solid support at $2.42, which served as a launching pad for its latest upward move. The price successfully broke through several resistance levels, including $2.50 and $2.55.
Bulls managed to push the price to test the $2.60 zone, reaching a high of $2.60 before pulling back. A key bullish trend line has formed with support at $2.51 on the hourly chart.
Looking upward, XRP faces immediate resistance near the $2.60 level. If bulls can overcome this barrier, the next targets become $2.65 and $2.72.
Further momentum could take XRP toward the $2.80 mark, with extended targets at $2.85 and $2.88. The major hurdle for bulls sits at $2.95.
Should XRP fail to break above $2.60, it may experience another downward move. Initial support can be found near $2.51 and the trend line, with the next major support at $2.49.
Technical indicators are showing positive signs. The MACD for XRP/USD is gaining momentum in the bullish zone, while the RSI remains above the 50 level.
With the price trading above the 100-hourly Simple Moving Average, the short-term outlook appears favorable for XRP as it continues to draw renewed trading interest.
