TL;DR
- On-chain data shared by popular crypto analyst Ali Martinez claims that XRP has no major resistance obstacles on its way up.
- At the same time, Glassnode reported that the latest rally could be driven by the futures market.
No Resistance Ahead?
Until this time last week, analysts indicated that $2 is crucial support in XRP’s future price performance, while noting that a surge past the resistance at $2.26 could become pivotal in reaffirming the asset’s bull run restart.
Such a price surge indeed transpired several days ago and the third-largest non-stablecoin cryptocurrency has remained above the latter ever since. Although it was stopped on its way to $2.7 yesterday, it still trades above $2.5 now and is among the few altcoins in the green today.
According to Martinez, there’s only clear sky ahead for XRP. In a recent post, the analyst with nearly 140,000 followers on X indicated that “on-chain data shows XRP has no major resistance clusters ahead.” On the other hand, the zone around $2.38 has become a key support level.
On-chain data shows $XRP has no major resistance clusters ahead, while the key support zone to watch sits at $2.38. pic.twitter.com/vvXjsSUYG1
— Ali (@ali_charts) May 13, 2025
In accordance with this bullish news came a few big price predictions for XRP. AllInCrypto said the asset is on its way to turn the previous all-time high of $3.4 into support, which would “lead it further along its way to our $19 price target in the long term.”
Others were a bit more modest, posting price targets of up to $5.4.
Futures-Driven Rally?
Glassnode noted earlier today that the XRP Futures Open Interest had skyrocketed by over $1 billion in just a week, up to $3.42 billion, representing a 41.6% increase. Given the underlying asset’s price rally that drove it to over $2.5, the analytics company determined that most of it was driven by leveraged positions, which suggests “growing directional conviction.”
$XRP Futures Open Interest has surged by over $1B in the past week, rising from $2.42B to $3.42B (+41.6%). This sharp increase in leverage coincides with a price rally from $2.14 to $2.48, suggesting elevated speculative activity and growing directional conviction, pic.twitter.com/QbsaOM9oxE
— glassnode (@glassnode) May 13, 2025
Recall that the last time the Open Interest for XRP had shot up this fast led to a price surge from $2.3 to $3.3 within a week or so back in January.
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