XRP price has been trading around $0.80 for the past week, having retreated before hitting the $1 level. Ripple’s win against the SEC remains a huge catalyst and several indicators suggest a new leg is likely. If price breaks out amid new upside catalysts, it could be a big move for XRP.
Looking at the XRP market, open interest in futures contracts has been at its highest level since November 2021. According to Coinglass, open interest soared to $1.19 billion on Thursday July 20. This indicates inflows into the XRP futures contracts and typically confirms the recent trend’s strength.
On-chain data also showed XRP volumes topping that of Bitcoin, buoyed by massive interest in South Korea. Positive sentiment has been infused into the XRP market by recent developments around adoption of Ripple technology, such as the partial win against the SEC and the $54 million investment in Futureverse.
Given the highlighted factors, a move higher is more likely. However, with prices still near current levels, a negative flip in sentiment could risk a bearish retest. The primary support level below $0.70 is around $0.50.
