XRP News: Open Interest Drops $1B as Price Struggles to Break Resistance

XRP has been consolidating under key resistance for over a month, frustrating investors as it struggles for upward momentum. This prolonged inactivity has negatively impacted traders’ confidence, prompting many to withdraw, reflected in a recent $1 billion drop in XRP Futures Open Interest within 24 hours. The previous day, Open Interest had surged to $2.9 billion due to bullish expectations. The decline signifies growing bearish sentiment and uncertainty about XRP breaking its resistance levels. Currently, the Price DAA Divergence shows a sell signal, indicating reduced participation and stagnant price movements. XRP’s price has dropped by 20% over the month but remains above the $2.00 support, facing critical resistance at $2.73. If bearish factors persist, it risks falling below $2.00, further eroding investor confidence. Conversely, if market conditions turn favorable, analysts suggest XRP could breach its resistance and aim for an all-time high of $3.31. Analyst Dark Defender highlighted that XRP is currently in a correction phase, expected to complete soon, while Egrag predicts a target of $15 by May 5th, 2025.