Ripple Labs-backed XRP led the mild cryptocurrency rebound

XRP price has already confirmed a bullish breakout from a six-year triangular consolidation. From a technical analysis standpoint, XRP price is about to kickstart the next bullish phase towards the price discovery phase.

The cryptocurrency market is currently experiencing a mild rebound, with Ripple Labs-backed XRP leading the modest recovery in the past 24 hours. The large-cap altcoin, which has a fully diluted valuation of about $246 billion and a 24-hour average trading volume of about $10.5 billion, has seen a price increase of over 7.7 percent in the past 24 hours. This brings the XRP price to about $2.48 during the mid-London session on Thursday, March 20.

In the futures market, XRP open interest (OI) has shown a substantial pump of over 18 percent in the last 24 hours, bringing the total OI to about $3.82 billion at the time of writing. This surge in OI is a direct response to the heightened XRP price volatility. As a result, more than $36 million has been liquidated from the leveraged market.

As previously reported by Coinpedia, XRP price has already confirmed a bullish breakout from a six-year triangular consolidation. From a technical analysis perspective, XRP price is poised to kickstart the next bullish phase towards the price discovery phase.

In the daily time frame, XRP price needs to consistently close above the resistance range between $2.7 and $3 to confirm the onset of the next parabolic rally. Furthermore, XRP price has been forming a potential head and shoulders (H&S) pattern, which is accompanied by a bearish divergence of the Relative Strength Index (RSI).

However, XRP price has established a robust support level of around $2, which could provide support in case of further correction in the near term.

Key Factors Driving XRP Growth

In the past two quarters, XRP demand has experienced a sharp uptick, which is being driven by institutional investors who are working closely with Ripple Labs. Already, nearly a dozen fund managers, including Bitwise and Franklin Templeton, have submitted applications for a spot XRP ETF with the U.S. Securities and Exchange Commission (SEC).

Following Ripple’s victory in the lawsuit with the SEC, and with several crypto ETFs being approved this year, there is a strong possibility that the SEC could approve several spot XRP ETFs as early as the second quarter of 2025.

Moreover, the XRPL network has undergone significant growth in the past few years, transforming into a robust web3 ecosystem. The launch of Ripple USD (RLUSD) has contributed to increasing on-chain activity for XRPL.

Stay tuned for more updates on the XRP price and other cryptocurrency news.

The post XRP Price Shows Mild Recovery As Futures OI Spikes 18% And Over $36Mn Liquidated appeared first on Coinpedia - Fintech and Cryptocurrency News.

.