XRP Price Rises Above $3.00
On Wednesday, XRP’s price climbed above $3.00. This move brings it closer to its record high of $3.66. The rise follows a mid-week recovery led by Bitcoin (BTC), which boosted the entire crypto market. XRP has seen growing interest after a period of low risk appetite. A daily close above $3.00 would confirm a short-term bullish trend. Traders are now targeting the next resistance level at $3.35.
Many expect the US Federal Reserve to cut interest rates on September 17. This expectation comes after weak economic data, including a revised Nonfarm Payrolls report. The data suggests the US labor market is weakening, increasing chances of rate cuts in the coming months.
Growing Retail Interest and Futures Activity
XRP’s price increase matches a rise in futures Open Interest (OI). According to CoinGlass, OI is nearing $8 billion, up from $7.37 billion on Sunday. Open Interest shows the total value of active futures contracts. Higher OI indicates more trading activity and stronger investor confidence.
The weighted funding rate for XRP futures remains steady near 0.0103%. This rate shows that traders are mostly taking long positions. It supports the positive outlook for XRP’s price to stay above $3.00 in the short term.
Technical Analysis: Bulls Eye Record High
XRP is holding above key support levels. These include the $3.00 mark, a descending trendline, and the 50-day Exponential Moving Average (EMA) at $2.91. The Moving Average Convergence Divergence (MACD) indicator shows a buy signal since Monday, confirming bullish momentum.
The Relative Strength Index (RSI) stands at 55, indicating that bearish pressure is fading. A rising RSI suggests growing buying interest. However, traders should watch for a drop below the 50-day EMA. If that happens, the 100-day EMA at $2.78 and the 200-day EMA at $2.53 could act as support levels.
