XRP price has staged a strong bull run this month, and its top metrics and a rare pattern point to more gains.
Ripple (XRP) token soared to a high of $3.6510, up by over 125% from its lowest point in April. This surge has brought its market capitalization to over $207 billion.
XRP price could continue rising as some of its network metrics surged to a record high. CoinGlass data shows that the token’s futures open interest rose to an all-time high of $10.6 billion, up from last month’s low of $3.7 billion.
Most of XRP’s open interest is in exchanges like Bitget, followed by Gate, Binance, Bybit, and CME. The number of futures traded on exchanges like Binance and Bybit jumped to 5.65 million and 1.85 million.
The XRP price is also benefiting as the market capitalization of Ripple USD (RLUSD) jumped to a record high of $532 million. This is a notable development, as the stablecoin was launched in December and is slowly approaching the PayPal USD (PYUSD) valuation of $847 million.
Further data show that the XRP Ledger’s total value locked has jumped by 70% in the last 30 days, reaching a record high of $93 million. Its stablecoin supply has also soared to over $93.2 million.
The total assets in the Teucrium 2X Long Daily XRP ETF have also reached a record high of $506.6 million, indicating strong demand.
XRP price technical analysis
The daily chart shows that the XRP price has been in a strong bull run after bottoming at $0.4860 in November last year. It has remained above the 50-day and 100-day Exponential Moving Averages as well as the major support/resistance level of the Murrey Math Lines.
XRP has moved above the key resistance level at $3.40, the highest point in January and the upper side of the cup-and-handle pattern. This cup has a depth of about 55%. Measuring this distance from the cup’s upper side gives a target of $5.27.
