XRP (XRP) Price: $5 Billion in Open Interest Builds as Traders Eye Bull Flag Breakout

TLDR

Table of Contents

XRP open interest in futures markets reached $4.56 billion with Binance leading at $895 million
Price trading around $2.30 with key support at $2.20 and resistance between $2.40-$2.70
SEC is reviewing WisdomTree XRP Trust application but has not made approval decision yet
Technical analysis shows bull flag pattern with breakout targets ranging from $5.50 to $21.60
Market cap projections suggest potential XRP values from $4.60 to over $25 per token

XRP is trading near $2.30 while futures market activity reaches new heights. Open interest in XRP futures contracts has climbed to $4.56 billion across major exchanges.

Binance leads the futures market with $895.58 million in open interest. Bybit follows with $760 million, while Gateio contributes $750 million to the total.

The price dropped 0.8% to $2.2983 recently. This decline occurred despite the surge in trading interest from institutional players.

Technical analysis reveals key levels that traders are watching closely. Support sits at $2.20 while resistance appears between $2.40 and $2.70.

The current price action shows a series of change of character patterns. These formations suggest weakening bullish momentum in the short term.

If XRP holds above $2.20, the next target becomes $2.40. A break above $2.50 could lead to testing the $2.70 resistance zone.

Bull Flag Pattern Emerges

Crypto analyst Egrag Crypto has identified a bull flag formation in XRP’s chart structure. This pattern typically indicates continuation of an upward trend after a brief consolidation.

#XRP – Bull Flag 🏁 (Updated Version):
🟣Note ⚠️: I’ve slightly adjusted the flag formation to perfectly match the current bullish setup and to estimate the measured move using different approaches.
🟣Logarithmic
For long-term breakouts , I prefer using logarithmic charts ,… https://t.co/tf5SIoeekV pic.twitter.com/fhqweuOknf
— EGRAG CRYPTO (@egragcrypto) May 28, 2025

The analysis uses three different methodologies to calculate potential targets. A logarithmic model suggests a breakout target of $18 for XRP.

Linear chart analysis provides a more conservative estimate of $5.50. The combined approach yields a middle-ground projection of $11.75.

Adding market volatility factors, the maximum potential targets range from $6.60 to $21.60. These projections account for crypto market unpredictability and lower liquidity compared to traditional assets.

Market Cap Analysis Points Higher

Market capitalization analysis reveals four possible scenarios for XRP’s future valuation. The most conservative projection puts XRP’s market cap at $270 billion.

A 242% increase from current levels would result in a $450 billion market cap. More aggressive projections reach $978 billion and $1.5 trillion respectively.

With 58.68 billion tokens in circulation, these market caps translate to prices between $4.60 and over $25 per token. The highest scenario would represent a market cap of $1.5 trillion.

Previous market cycles show XRP following “W” shaped patterns in its market cap growth. These formations have historically preceded major price movements.

The technical patterns align with psychological factors that often drive crypto market cycles. Risk management remains crucial as volatility continues.

Meanwhile, regulatory developments continue to influence XRP’s market dynamics. The SEC has initiated a formal review of the WisdomTree XRP Trust application.

WisdomTree submitted its proposal to the Cboe BZX Exchange for listing an XRP-based product. The SEC acknowledged the filing on March 11 and extended its review timeline.

The regulatory body has not yet decided whether to approve, deny, or request additional information. This review process reflects the cautious approach regulators take toward crypto trading products.

The SEC’s formal review shows serious consideration of XRP-based investment products. However, the review does not guarantee approval of the proposed trust.

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