Key Points:
Potential rise to new historical highs, driven by institutional demand and the continuous growth of open contracts.
Analysts indicate that the price of XRP may continue its upward trend, first reaching $3.12, followed by a challenge at $4.50.
XRP has risen 1.7% in the past 24 hours and 6% over the past seven days, with Thursday's trading price breaking the $3 mark. Market analysts state that various on-chain and technical factors support further increases for this altcoin.
According to CoinShares data, institutional demand for XRP investment products remains stable.
XRP exchange-traded products (ETPs) recorded a net inflow of $14.7 million in the week ending last Friday, bringing the total inflow for the year to $1.4 billion.
In other leading cryptocurrencies: Bitcoin (BTC) recorded a net inflow of $524 million, Solana (SOL) saw a net inflow of $16.1 million, and Sui (SUI) had a net inflow of $600,000.
Ethereum (ETH) experienced a net outflow of $912 million, indicating that some funds may be shifting from the largest altcoin to other cryptocurrencies, including XRP.
Expectations for the approval of the XRP ETF in the U.S. are a major driving force behind XRP's recent performance. With more institutional capital flowing in, XRP's price is expected to continue rising.
XRP derivatives traders are also returning, opening new positions, indicating that speculative momentum is increasing.
XRP's open interest (OI) has risen 11% in the past seven days, from $7.4 billion on September 4 to $8.3 billion, marking an increase in trader participation. According to CoinGlass data, OI has increased by 4% in just the past 24 hours.
The funding rate—periodic payments between long and short traders in perpetual contracts to keep contract prices aligned with the spot market—has remained positive since August 1.
This indicator has steadily risen over the past 10 days, as shown in the chart below. This suggests that there are more traders opening long positions (betting on price increases) than short positions in the market.
The growth in OI and the positive funding rate may help XRP's price rebound and stabilize above $3 in the short term.
Data from Cointelegraph Markets Pro and TradingView shows that since mid-July, XRP's price has been consolidating within a symmetrical triangle on the daily timeframe.
On Monday, XRP's daily closing price broke above the triangle's upper boundary ($2.95), marking the completion of an upward breakout.
Analyst CasiTrades stated on the X platform on Wednesday: "XRP has broken out of months of consolidation and confirmed this breakout at the $3 level."
Momentum is steadily increasing, with the relative strength index (RSI) rising from 36 to 54 over the week.
According to CasiTrades, once the resistance level of $3 is broken, key upward levels to watch are $3.08 and $3.27.
However, bulls must overcome the resistance at the multi-year high of $3.66. "Once this move is implemented, that area is likely to become a retest zone," the analyst added.
Zooming out, analyst Egrag Crypto stated that as long as the support level of $2.97 holds, the ascending triangle pattern on the four-hour chart targets $3.12.
As previously reported by Cointelegraph, if the daily closing price of XRP/USDT effectively breaks above $3, it will open up space for further increases to $3.15 and $3.40.
Other analysts are even more optimistic, suggesting through Elliott Wave analysis that XRP could still reach $20 in this cycle.
$XRP#XRP is still on track for $20 this cycle for both the primary and alternative idea. New floor has been established for good. pic.twitter.com/xAnJ8cegmz
Related: Ripple (XRP) reserves surge by 1.2 billion in a single day: Is this accumulation or a sell signal?
This article does not contain investment advice or recommendations. Any investment and trading operations involve risks, and readers should conduct their own research before making decisions.
Original article: “Why the next logical target for Ripple (XRP) price is $4.50?”
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