Here’s What The XRP Open Interest Reset Means For The Price

CryptosRus highlights a significant drop in XRP's open interest on Binance, mirroring a past event that preceded a substantial price surge. The analyst believes this low leverage, coupled with strong holder retention, sets the stage for a potential rally if new liquidity enters the market. The launch of Evernorth, a company accumulating $1 billion in XRP with Ripple's backing, signals new demand for the cryptocurrency. Evernorth's plan to actively purchase XRP on the open market is expected to further impact its price positively. Anticipation surrounds the potential approval of spot XRP ETFs after the U.S. government shutdown, projecting significant inflows. Another analyst, Ether, observes a recurring cyclical pattern in XRP's price action, predicting a "face melting" rally. Ether notes similarities to XRP's 2017 rally, suggesting the altcoin is currently in a power accumulation phase. He believes this phase, once completed, will inevitably lead to another parabolic run for XRP. Currently, XRP is trading around $2.63, reflecting a recent price increase.