XRP’s $2.46B Open Interest flush sets stage for bullish rebound
Key Takeaways
XRP Open Curiosity noticed a $2.46 billion wipeout, but worth is holding key demand between $3.10-$3.20, signaling robust spot absorption.
On the twenty second of July, Ripple’s [XRP] Open Curiosity (OI) ripped to a file $10.94 billion after chopping sideways for months.
However the momentum didn’t stick. OI simply nuked to $8.48 billion, marking a $2.46 billion wipeout in underneath per week. That shakeout dragged XRP down 13% from the $3.60 native high.
And it wasn’t a fluke. XRP/ETH rolled down 7.54% as Ethereum [ETH] pulled a clear 11% bounce off its $3,530 base. The rotation was clear: Capital flowed again into ETH, leaving XRP uncovered.
Supply: TradingView (XRP/ETH)
However right here’s the place it will get attention-grabbing.
XRP/ETH simply tapped the identical assist zone that triggered a 25% bounce final cycle between mid-June and mid-July. In truth, that transfer kicked off an 80% rally in XRP off its $2 base.
Furthermore, that transfer aligned with XRP’s Open Interest spiking from $4 billion to $10 billion as leveraged longs piled in. If the circulate returns, may the current flush be extra reset than rejection?
XRP Open Curiosity drop hits key demand zone
Ripple simply logged its sharpest leverage flush since Might. Again then, XRP Open Curiosity dropped $980 million from the $5.74 billion peak close to the $2.60 resistance, triggering an 11% worth dump.
This time round, regardless of a far steeper $2.46 billion unwind, XRP is simply down 10%, signaling robust spot bid absorption and resilient underlying demand.
Backing that up, the every day chart reveals XRP coiling between $3.10 and $3.20, holding regular in a key demand zone. In a bull market, this sort of compression sample typically front-runs a breakout transfer.
Supply: TradingView (XRP/USDT)
What’s extra, the current drop aligned with XRP/ETH rolling over, overheated Funding, stretched RSI, and Realized Profits spiking above $1 billion, marking the most important spike since post-election.
The $2.46 billion XRP Open Curiosity flush was a textbook reset.
Structurally, XRP’s nonetheless holding agency, and XRP/ETH sits at bounce territory. If rotation flows again in, this could possibly be the bottom for a breakout above $3.50.
