Investors are increasingly drawn to XRP with an optimistic outlook on potential price gains. Could XRP be gearing up for further upward momentum? According to CryptoQuant analyst Woominkyu, the increase in open positions (OI) suggests growing anticipation of a rise in XRP’s value.
### Ripple’s Current Scenario
Woominkyu’s recent report highlighted several key observations as of June 18:
However, the analyst cautioned that this trend could intensify price fluctuations, offering the following insights:
Binance’s data reveals that XRP has experienced a downtrend since the start of the year, currently trading at $0.49 with a year-to-date decline of over 19%. Notably, XRP’s open positions began climbing from June 11 onwards, likely influenced by developments in Ripple’s ongoing legal battle with the Securities and Exchange Commission (SEC).
On June 13, Ripple proposed a settlement not exceeding $10 million, significantly lower than the SEC’s initial penalty demand of $876.3 million, citing the SEC’s recent settlement with Terraform Labs. Given the SEC’s lawsuit against Ripple since 2020 for allegedly selling unregistered securities, a potential settlement could alleviate investor concerns.
### XRP Chart Insights
Based on significant technical analysis, XRP appears poised for a potential price surge by the end of June. The daily chart reveals a descending triangle pattern, typically indicating an imminent breakout as the triangle narrows. Sustaining above the $0.47 support level could pave the way for a price uptick.
Moreover, fractal patterns on the XRP chart suggest a possible breakout akin to patterns observed post-XRP’s exit from an ascending triangle model in February 2024. Technical investors often use fractal patterns to gauge essential support and resistance levels, as well as potential trend reversals based on historical data.
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**Disclaimer:** This article does not constitute investment advice. Investors should be aware of the high volatility associated with cryptocurrencies and conduct their own thorough research.
