XRP (XRP) has dipped by 1% over the past week, consolidating below $2.60 — but rising futures activity could change that soon, raising bullish XRP price prediction hopes.
Trading volumes in the past 24 hours have gone up slightly by 8.4% and currently stand at $2.2 billion as Bitcoin (BTC) seems determined to retest its latest all-time high of nearly $112,000.
Even though the token’s price action has been relatively calm, the futures market has been quite active, according to data from CoinGlass.
Open interest in XRP futures across top exchanges have increased since May 7 from $3.6 billion to $4.8 billion – a 29.7% increase in less than a month. However, during this period, the price has gone up by just 8.5% from $2.13 to $2.31.
XRP Price Prediction: XRP Could Drop to $2 Before Rising to a New All-Time High
XRP’s daily chart shows that the price has broken its bullish structure and has already retested this former support from below.
This is a bearish indication in the near term but not necessarily a sign of an impending collapse as the market needs to raise liquidity for the next leg up.
The 200-day exponential moving average (EMA) seems like the most plausible landing zone for XRP as it coincides with a key psychological level at $2 per token.
It is highly likely that bears will push the price to this threshold to unlock additional liquidity in the next few days to catalyze a pronounced move.
In bull markets, short squeezes tend to be one of the most effective ways to propel the price of an asset higher. Hence, a break below $2 could be what the token needs to recapture buyers’ interest and support a bullish XRP price prediction to $3 at least.
Patient investors and traders will benefit the most if they wait for the best entry, which is probably the $2 level.
In the mean time, as Bitcoin reaches $110,000, the first milestone of a crypto presale called BTC Bull Token (BTCBULL) could soon be hit and, with it, an attractive reward for token holders will be unlocked.
BTC Bull Token (BTCBULL) Pays Out Bitcoin to Holders
BTC Bull Token (BTCBULL) is an innovative meme coin presale that introduces a reward mechanism tied to the performance of the top crypto – Bitcoin.
Rewards are distributed to token holders every time that BTC reaches a new price milestone, the first of which sits at $125,000.
Once the price gets to that level, a portion of BTCBULL’s circulating supply will be burned. This will foster scarcity and should result in an immediate uptick in its price.
Next up, once the price reaches $125K, token holders will receive a direct airdrop of Bitcoin tokens. This system repeats every time that BTC adds $25,000 more to its price, starting at a baseline of $100K.
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The post Is a Massive XRP Move Coming? Futures Say Yes, Charts Say “Any Minute Now” (XRP Price Prediction) appeared first on Cryptonews.
