XRP Consolidates in Range as Traders Eye Potential Bullish Breakout

• XRP is consolidating within a narrow range, indicating potential for a bullish breakout soon.
• Rising Open Interest and Ripple’s expansion in Asia signal increasing momentum for XRP’s future growth.

One of the most often used cryptos on the market, XRP, has entered a crucial period that might define its price path not too far ahead. Ambassador Bitrue, Brett, has noted that XRP has dropped below a growing trendline following a strong peak, suggesting a possible change in market dynamics.

JUST IN: #XRP broke below a rising trendline after a sharp peak.

now moving sideways between 0.535 and 0.605, indicating a range-bound phase.

bullish breakout above the range, targeting higher levels.

Watch for a confirmed breakout

$11 target is still in play for 2024! pic.twitter.com/K9bTWrRCSX

— Brett (@Brett_Crypto_X) October 11, 2024

XRP is currently going sideways and trading between $0.535 and $0.605, which points to a range-bound period of the asset. Brett says the market should pay special attention for a proven bullish breakout above this range, which would indicate a direction toward higher levels.

Crucially, Brett also confirmed his $11 prediction for XRP in 2024, therefore sustaining hope for long-term investors.

Meanwhile, XRP is trading about $0.540 at the time of writing; it shows a 1.59% rise over the last seven days and a 0.43% gain over the last 24 hours. XRP’s consistent increasing trend over the week.

XRP Growing Open Interest and Ripple’s Strategic Expansion in Asia 

Beside that, CNF previously revealed that Open Interest for XRP has surged by 3.71%, reaching $713.87 million, suggesting growing demand in the asset on main markets among traders. With $526.32 million in XRP trading volume, Binance, the biggest crypto exchange worldwide, leads the market, followed by Bybit at $307.31 million.

Usually reflecting rising trader speculation and involvement, this rise in Open Interest could help to explain some short-term price volatility.

Concurrent with this, Ripple’s spread into Asia has become somewhat popular thanks to its most recent acquisition of a big payment license from Singapore’s financial authority.

This calculated action improves Ripple’s capacity to provide cross-border payment options, therefore helping to foster the acceptance of XRP in important Asian countries. This progress adds to the increasing momentum behind the digital asset as Ripple keeps strengthening its grip on the area.