Core Points:
XRP has broken through the "pennant" consolidation pattern on the weekly chart, with technical indicators suggesting a potential increase of 40%, targeting a price of $3.20.
Multiple positive news and the continuous growth of open interest in futures indicate that XRP is likely to break out of the consolidation range.
The price of XRP (XRP) has confirmed the "pennant" pattern on the weekly chart, which typically signifies strong upward momentum. Recent key developments surrounding Ripple, along with a significant increase in demand for XRP futures, may signal the start of a new bullish trend, with targets potentially exceeding $3.20.
On Thursday, driven by multiple positive stimuli, XRP rose in tandem with the broader market. Key driving factors include Ripple's application for a U.S. banking license, the U.S. Securities and Exchange Commission (SEC) approving Grayscale's Digital Large Cap Fund (GDLC) to transition to a spot ETF, a new partnership with OpenPayd, and an increased probability of spot ETF approvals.
Ripple and @OpenPayd are expanding access to fast, compliant cross-border payments. https://t.co/I61X1yC7H3 With Ripple Payments now supported by OpenPayd’s real-time EUR and GBP rails, and direct RLUSD minting and burning, enterprises can seamlessly move between fiat and…
As a result of the positive news, XRP's price surged by 7.2% on Thursday, rising from a low of $2.15 the previous day to an intraday high of $2.31.
The open interest in this altcoin surged by 11% in the past 24 hours, with a cumulative increase of 30% over the past 10 days, currently reaching $4.75 billion, indicating that derivatives traders are actively returning to the market.
The increase in open interest and price moving upward reflects growing interest from institutional investors. Typically, this is seen as a positive signal that helps enhance market liquidity and attract more capital.
Historical data shows that a significant jump in open interest often precedes a substantial increase in XRP's price.
For example, the current situation is similar to when former U.S. President Trump announced a 90-day tariff suspension. At that time, open interest surged by 91% from $3 billion to $5.75 billion between April 9 and May 14, while XRP's price rose from $1.61 to $2.65, an increase of 65%.
Currently, the long-to-short ratio for XRP across all exchanges is 68%, with bulls in the majority. Although this indicates an increased risk of long liquidations, it also reflects strong market confidence in XRP's future price increase.
After breaking through several months of consolidation, bullish momentum is expected to drive XRP/USD back into an upward trend.
From December 2024 to July 2025, XRP's price formed a symmetrical triangle (pennant) on the weekly chart, as shown below. On July 3, the price broke through the descending trendline of this triangle, reaching $2.21, signaling the start of a new significant upward trend.
Based on the maximum distance between the upper and lower boundaries of this pattern, the target price is approximately $3.20, representing an increase of about 40% from the current price.
Charts shared by analyst Best Analysts (pseudonym) indicate that XRP is nearing the upper edge of a "bullish pennant" on the daily chart, with a target pointing to $3.40.
📊 NEUTRAL: #XRPUSDT | $XRP | 1DXRP may break out to $3.4000 due to a bullish pennant.🚀 Trade XRP Now https://t.co/uF4WuMMYFP pic.twitter.com/j4tXSVLeVK
Several analysts also predict that XRP's short-term target price is likely to exceed $3, citing reasons such as continued accumulation by large holders, increased institutional demand for spot ETFs, and ongoing improvements in the regulatory environment.
Related: Bitcoin Suisse's legal director points out flaws in EU and Swiss stablecoin regulations.
Original text: “XRP Futures Open Interest Soars 30%, Price Chart 'Pennant' Targets $3.20”
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