XRP Price Breaks Kumo Resistance on Ichimoku Cloud, Open Interest Hits Record

XRP price has gained over 91.88% this week, breaking several resistance levels previously thought unattainable in such a short period.

The price of XRP has surged by over 91.88% this week, defying expectations and breaking through several resistance levels that were previously thought to be unattainable in such a short period.

The coin, which was trading at $0.7468 on Monday, soared past $1.1290 and reached as high as $1.2198 at the time of writing, marking its highest point since the bull runs of early 2021.

This rapid ascent saw XRP cut through critical resistance at $0.7468 and $1.1290 with an unmatched momentum, leaving investors and traders alike astonished.

Traders kept a close eye on the volume, which saw a substantial increase as XRP approached these key thresholds.

The dramatic price movement suggests a renewed investor confidence, which could be linked to speculative trading or emerging positive news about Ripple’s ongoing legal challenges.

As XRP continues to rally, analysts are now looking at the $1.3430 and $1.5605 levels as the next potential ceilings for the coin. If the momentum carries on, XRP could be testing these upper boundaries sooner rather than later.

This week’s performance has certainly put XRP back on the map for both retail and institutional investors, setting the stage for a potentially exciting season for this long-watched cryptocurrency.

XRP Price breaks Kumo resistance on Ichimoku Cloud

Another significant technical achievement was made by XRP as it pierced the Kumo resistance on its monthly Ichimoku chart.

This comes after years of struggling below this crucial level, which had served as an unbreakable barrier since 2021.

The recent climb to $1.12 marks a pivotal moment, suggesting a potential long-term bullish reversal.

The Ichimoku Cloud, a widely used tool among traders for assessing momentum and trend shifts, highlighted this resistance level at $1.00, which XRP has decisively surpassed.

This event could be a precursor to sustained gains if XRP maintains its position above this threshold.

Market analysts are now keeping an eye on XRP’s ability to hold these gains, considering the past challenges at this level.

If XRP stays above the cloud, it may signal a new era of investor confidence and market stability for the cryptocurrency.

This move has already gotten investors talking about the possibility of XRP reaching its all-time highs again, thanks to better market conditions and investor mood.

XRP open interest hits record

In addition to the surge this week, which saw the price catapult to $1.2199, XRP’s open interest on futures reached a new record high of $1.53 billion.

The substantial rise in both metrics at once highlighted the growing investor confidence and market activity surrounding XRP.

This spike in open interest coincides with a sharp increase in trading volume, indicating a robust engagement from traders.

The recent rally began around early November and has continued to gather momentum, propelling XRP to levels not seen since its previous highs.

Several factors are being attributed to this uptrend by market analysts, including positive developments in Ripple’s ongoing legal battles and increasing adoption of XRP for cross-border transactions.

The community remains bullish as technical indicators suggest further potential for upward movement.

Investors are now watching closely to see if XRP can sustain these gains in the face of market volatility.

The current scenario presents a significant test of resilience for Ripple’s native token in the rapidly evolving crypto landscape.