XRP long positions hit a historic new high! The futures open interest soared past 8.5 billion USD, with 3.40 USD becoming a key threshold.

The recent trend of Ripple (XRP) has attracted significant attention in the market, with the price stabilizing above the 3.00 USD support level and consolidating below the 3.40 USD resistance level. As the open interest (OI) in the futures market breaks through 8.5 billion USD, along with the interest rate and volume rising simultaneously, bullish sentiment is rapidly accumulating. If it can break through the key resistance, XRP is expected to challenge the historical high of 3.66 USD again.

Futures market data releases strong bullish signals

(Source: Coinglass)

According to CoinGlass data, the open interest of XRP futures increased by 17% from the $7.05 billion on August 3, reaching $8.5 billion on Monday.

At the same time, the weighted financing interest rate rose from 0.0004% to 0.0108%, indicating that more traders are establishing long positions.

Futures trading volume has also significantly risen to $12.64 billion, reflecting a simultaneous increase in market participation and speculative demand.

Legal benefits and market sentiment support

The recent rebound of XRP is partly due to positive signals from the settlement reached with the U.S. Securities and Exchange Commission (SEC). Ripple and the SEC jointly submitted a motion to dismiss the appeal and agreed to pay a settlement of $50 million, ending a five-year legal dispute.

This development has boosted market confidence in the long-term prospects of XRP, providing additional fundamental support for long positions.

Technical Analysis: $3.40 as the Key Breakthrough

(Source: Trading View)

Currently, the XRP price is fluctuating between the support level of $3.00 and the resistance level of $3.40. The Money Flow Index (MFI) has risen above 40, indicating that funds are continuing to flow in.

The moving average lines are in a long positions arrangement:

50-day EMA: $2.88

100 Day EMA: 2.66 USD

200-day EMA: $2.39

If it breaks through 3.40 USD, it will open up upward space, targeting the historical high of 3.66 USD; if it falls below 3.00 USD, attention must be paid to the support lines at 2.88 USD, 2.66 USD, and 2.39 USD.

Short-term Outlook: Long Positions Momentum Still Accumulating

Stable financing interest rates and a continuously rising open interest indicate that long positions are still being added. If market sentiment continues its current positive trend, XRP is expected to see a breakthrough in the short term.

However, if the macro market experiences a pullback or profit-taking pressure increases, the price may retest the 3.00 USD support level.

Conclusion

XRP is currently in a key consolidation phase before a breakout, with the activity in the futures market and capital inflow providing strong support for long positions. If it can successfully break through the 3.40 USD resistance level, long positions will have the opportunity to push the price to refresh historical records. Investors should closely monitor futures market data and changes in key price levels to seize potential trading opportunities. For more real-time market updates and in-depth analysis, please follow the official Gate platform.