XRP is on the cusp of all-time highs with open interest reaching a record $5.99 billion amid whale activity
- XRP breaks resistance at $2.73 with 12% daily gain
- Open interest rose by $800 million in 24 hours
- Whale accumulation patterns suggest caution
XRP’s recent price action represents a major technical breakthrough as the cryptocurrency finally overcame the stubborn $2.73 resistance level that contained the price action over the past month. XRP now stands just 16% away from its historic high of $3.31, though the path forward may be complicated by evolving whale behavior.
Understanding XRP market forces
The dramatic rise in open interest to an unprecedented $5.99 billion tells us something important about market psychology. When OI increases along with rising prices, it usually indicates new money entering the market rather than just adjusting existing positions.
The addition of $800 million in OI within a single 24-hour period indicates particularly strong conviction among traders.
However, the behavior of whales offers an interesting perspective to this bullish narrative. Addresses holding between 10 million and 100 million XRP have historically shown an inverse relationship with price action.
After selling 21 million XRP ($60 million) over the past week, these big holders are starting to accumulate again. This pattern becomes particularly significant because whale accumulation has often preceded price corrections in XRP trading history.
The technical picture suggests that holding the newly announced $2.73 level as support is crucial to maintaining momentum towards the all-time high. Failure to maintain this level could lead to a pullback to $2.18, where XRP had previously strengthened.
The interplay between strong institutional interest, as evidenced by record open interest, and potentially bearish whale behavior, creates an interesting dynamic that traders should watch carefully.
Share
