Ripple (XRP) Rises with Crypto Market
Ripple (XRP) price increased on Thursday along with the broader cryptocurrency market. Investors expect the US Federal Reserve to cut interest rates by 25 basis points in October. Retail demand for XRP futures is also growing. Open Interest (OI) in XRP futures rose to an average of $7.83 billion, up from $7.35 billion last Saturday, according to CoinGlass.
Open Interest shows the total value of active futures contracts. A rising OI means more traders are taking long positions. This suggests strong interest and confidence in XRP’s short-term price rise.
VivoPower Raises $19 Million for XRP Strategy
VivoPower, which launched a $121 million digital asset treasury in May, has raised an additional $19 million in equity. The shares were valued at $6.05 each. The funds will support VivoPower’s XRP reserve strategy and help pay down debt.
The company aims to grow the XRP Ledger (XRPL) through DeFi projects and blockchain-as-a-service (BaaS) solutions. VivoPower said it plans to acquire, manage, and hold XRP as part of a diverse digital treasury.
XRP Technical Outlook: Bulls Target $3.00 Breakout
XRP is trading above its 50-day Exponential Moving Average (EMA) at $2.92, gaining over 1% on Thursday. Technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) support a bullish outlook.
The RSI rose to 54, showing less selling pressure. The MACD gave a buy signal on Wednesday, encouraging investors to buy XRP. A break above the $3.00 level could confirm a bullish trend if market sentiment stays positive.
XRP has been in a downtrend since mid-July, when it hit $3.66. Breaking above the descending trendline on the daily chart could signal a trend reversal. However, resistance near $3.18 may cause some profit-taking. If selling increases, support levels to watch are the 50-day EMA at $2.98 and the 100-day EMA at $2.84.
