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07/16 13:44
XRP price can rally and hit $5 in July: 4 reasons
XRP price can rally and hit $5 in July: 4 reasons why
XRP price bounced back and crossed an important resistance level this month, with technical and fundamental indicators pointing to further gains, potentially up to $5.
Ripple (XRP) jumped to a high of $3.05, its highest point since February, and up by 81% from its lowest point in June. Here are the top reasons why the coin may jump to $5 and beyond this month.
XRP futures open interest and funding rate
There are signs that XRP demand in both spot and futures markets is on a strong upward trajectory. CoinGlass data shows that futures open interest jumped to a record high of $8.3 billion this week—a significant rise from under $1 billion just a few months ago.
The weighted funding rate has remained positive since June 28 and has reached its highest point in over a week. A rising funding rate is typically a sign that traders expect the coin’s future price to be higher than it is today.
XXRP ETF inflows are soaring
Meanwhile, the Teucrium 2x Long Daily XRP ETF, which offers leveraged exposure to the token, has continued to grow. Its assets have risen to over $285 million in under three months, an impressive figure for a fund with a 1.89% expense ratio.
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