XRP leads crypto’s weekend gains on growing open demand.

The price of XRP (XRP) rose 5% to trade at $0.6278 on September 29. This is part of the current recovery that began on September 6 and has seen the remittances rise more than 10% over the past 30 days. A huge increase in his open demand.

According to data from Cointelegraph Markets Pro and TradingView, XRP rose from a low of $0.5027 on September 6, climbing as much as 26% to an intraday high of $0.6335 on September 29.

Total crypto market capitalization rose 0.4% to $2.29 trillion. As such, XRP's price performance over the past 24 hours has resulted in the third highest gain by market value among the top-100 cryptocurrencies.

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Traders are betting on XRP to see “significant price movements”.

“XRP has shown significant price movements with speculation and immediate targets,” said crypto YouTuber Rajeev Anand in a September 29 post on X.

“XRP could see a major rally due to the breakout patterns seen on the chart, such as $2 targets or much higher figures such as $4.2 or $9.98.”

Anand noted that the market sentiment around XRP is mostly positive. Analysts point to similar formations such as triangle, golden cross and other bullish indicators that indicate a strong impetus for further XRP price increases.

XRP's price action on the weekly time frame shows a high breakout from the congruent triangle that has continued since 2020. A sustained rally above this chart formation could see XRP price move higher towards the massive chart pattern at the $2.0 upside target.

“Curiosity is added by [several] Technical signals indicate a strong bullish trend,” added Anand.

One such indicator is the Relative Strength Indicator (RSI), which has sent a rare bullish signal on the monthly chart, according to anonymous analyst Jadee_757.

The analyst shared the following chart in a September 29 post: “RSI is looking above 7-year trend line!”

“If it closes next week, it will be the worst thing to happen in 7 years!”

Meanwhile, another crypto analyst, Captain Fibic, told his more than 96,000 followers on X that the price of XRP has finished and broken out of a falling wedge, confirming the token's price breakout to $3.9. However, they raised their short-term target to $2.3.

Related: Indian Supreme Court Takes Back YouTube Account From XRP Fraudsters

XRP open interest is at a five-month high.

The rise in Ripple's XRP price on September 29 comes after a significant jump in its Open Interest (OI). Open demand is a key metric that traders and analysts use to assess market sentiment and predict future price movements.

XRP's IO started to rise on September 7th, rising approximately 67% to its value of $932.3 million on September 29th. The last time XRP open demand reached these levels was on April 12, 2024.

Note that as prices increase with OIA increases, this indicates a trend that is likely to continue.

Additional data from CoinGlass shows that demand for leveraged long positions in XRP has increased over the past few days, indicating a sustained future funding rate.

Note that the current eight-hour rate of 0.0113% translates into a 0.23% cost over a seven-day period, which is useful for traders building futures positions.

An increase in financial rates is typically bullish for futures traders, who expect future price increases, which may indicate an increase in growth.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.