XRP is making waves in the crypto market, with 80% of its supply now in profit, outshining Ethereum’s 61%, according to on-chain data.
The profit gap signals stronger conviction among XRP holders. Their higher profitability reflects a more bullish investor sentiment than Ethereum’s, which might potentially fuel increased interest and investment in XRP.
Positive derivatives open interest (OI) in the XRP ecosystem can also indicate heightened investor confidence.
According to Coinglass data, XRP derivatives OI currently stands at $4.20 billion after witnessing a 4.95% increase.
Open interest in derivatives is a key metric for understanding market sentiment and activity because it refers to the total number of outstanding futures or options contracts that haven’t been settled.
Therefore, positive XRP open interest signals rising market interest and increased capital inflow from institutional investors.
XRP Eyes the $2.35 Zone
According to market analyst Lingrid, XRP might be witnessing a stealthy accumulation phase that might ignite a sharp upward move to the zone between $2.30 and $2.35.
She added, “XRP dropped into the IMB zone and quickly bounced, defending the key support level between 2.00 and 2.05. The chart shows a potential accumulation structure forming after a falling wedge breakout, with the price beginning to coil toward a higher low.”
A series of higher lows play an instrumental role in confirming an uptrend because each pullback ends at a price higher than the previous one.
XRP was up 0.9% in the past 24 hours to trade at $2.18.
Meanwhile, the path to a spot XRP exchange-traded fund (ETF) is clearing as Ripple moves to end its nearly five-year legal battle with the United States Securities and Exchange Commission (SEC).
Ripple CEO Brad Garlinghouse confirmed the company will drop its cross-appeal, signaling a final resolution is near.
