XRP Eyes $5 as Wyckoff Pattern Forms, Open Interest Soars 142%
The post XRP Eyes $5 as Wyckoff Pattern Forms, Open Interest Soars 142% appeared on BitcoinEthereumNews.com. Is XRP Witnessing the Calm Before the Storm? Following a 40% July rally, XRP is consolidating within a solid Wyckoff structure. Key support sits at $2.58–$2.78, with $3 as a crucial pivot and $5 in sight, according to market analyst Jojo Crypto. He added, “If XRP maintains the $3 level, a new bullish phase may be underway. Is $5 next?” The Wyckoff structure is a classic framework used to spot accumulation or distribution phases that often precede major price moves. It outlines distinct phases and events that occur during accumulation when smart money is buying or distribution when smart money is selling. In XRP’s case, a solid Wyckoff structure suggests that price movements are aligning with the accumulation phase, which typically precedes a bullish breakout. Notably, heavy volume around $3.34 suggests strong institutional accumulation, with XRP consolidating supply between key levels. A decisive break above $3.60 could trigger a markup phase, potentially driving prices to the $4–$6 range in the coming months. At the time of this writing, XRP was trading at $3.12. Source: XRPunkie XRP’s Open Interest Skyrockets Coinglass data reveals XRP’s open interest has surged 142.97% in the past month. This dramatic rise signals growing speculation, deepening liquidity, and a significant shift in market sentiment. Open interest refers to the total number of active futures contracts that haven’t been settled. When it rises sharply, as is the case with XRP, it suggests that new money is entering the market, often ahead of an anticipated breakout or major trend shift. The surge in open interest comes at a time when XRP is consolidating below its recent all-time high of $3.65, following a parabolic rally. This consolidation aligns with a classic Wyckoff accumulation phase, where institutional players quietly build positions before a significant markup. The increased open interest supports this…
The post XRP Eyes $5 as Wyckoff Pattern Forms, Open Interest Soars 142% appeared on BitcoinEthereumNews.com.
Is XRP Witnessing the Calm Before the Storm? Following a 40% July rally, XRP is consolidating within a solid Wyckoff structure. Key support sits at $2.58–$2.78, with $3 as a crucial pivot and $5 in sight, according to market analyst Jojo Crypto. He added, “If XRP maintains the $3 level, a new bullish phase may be underway. Is $5 next?” The Wyckoff structure is a classic framework used to spot accumulation or distribution phases that often precede major price moves. It outlines distinct phases and events that occur during accumulation when smart money is buying or distribution when smart money is selling. In XRP’s case, a solid Wyckoff structure suggests that price movements are aligning with the accumulation phase, which typically precedes a bullish breakout. Notably, heavy volume around $3.34 suggests strong institutional accumulation, with XRP consolidating supply between key levels. A decisive break above $3.60 could trigger a markup phase, potentially driving prices to the $4–$6 range in the coming months. At the time of this writing, XRP was trading at $3.12. Source: XRPunkie XRP’s Open Interest Skyrockets Coinglass data reveals XRP’s open interest has surged 142.97% in the past month. This dramatic rise signals growing speculation, deepening liquidity, and a significant shift in market sentiment. Open interest refers to the total number of active futures contracts that haven’t been settled. When it rises sharply, as is the case with XRP, it suggests that new money is entering the market, often ahead of an anticipated breakout or major trend shift. The surge in open interest comes at a time when XRP is consolidating below its recent all-time high of $3.65, following a parabolic rally. This consolidation aligns with a classic Wyckoff accumulation phase, where institutional players quietly build positions before a significant markup. The increased open interest supports this…
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