Despite a volatile trading week, the XRP price remains above $2
This comes after the Ripple token dipped 17%, recording a low of $2.06 on Saturday before recovering to $2.10 by March 31. Thus, traders are now waiting for a critical moment as major market events unravel.
Currently, investors are watching the U.S. Congress confirmation of Paul Atkins, a crypto-friendly nominee to succeed Gary Gensler as SEC chair, closely. A successful appointment would increase market confidence and propel XRP upward. Rejection, on the other hand, could unleash selling pressure, which might push the token below $2.
XRP Derivatives Market Suggests Bullish Sentiment
In spite of ongoing doubts, derivatives traders seem bullish on XRP’s price action. Options volume jumped 125.93% to $7,540, while open interest rose 149.56% to $978,100, the data shows. These statistics indicate higher investor confidence in a possible breakout.
Binance statistics further support this sentiment, with the XRP/USDT long/short ratio at 3.1, indicating aggressive bullish positioning by traders. The highest trader long/short ratio is also at 2.8, confirming market expectations for a higher move.
Besides, in the last 24 hours, liquidation statistics show long positions valued at $8.22 million still standing against $2.28 million of short liquidations, according to Coinglass. This indicates that the bullish traders are standing their ground, minimizing the possibility of a steep sell-off.
XRP’s trading volume, however, has fallen by 4.95% to $3.43 billion, signifying waning market activity. Absent new catalysts, this could cap meaningful price spikes in the near future.
Technical Indicators: Breakout Or Breakdown For XRP Price?
Technical analysis points to a bearish pennant on the daily chart, which points to selling pressure, as highlighted in our earlier report. The Parabolic SAR dots in front of the candles also affirm the bearish outlook, while the constricting Keltner Channel points to decreasing volatility.
Source: TradingView
XRP recently touched the lower Keltner Channel line at $2.0273, which is still a key support level. A breakout above the middle line at $2.3043 could set the stage for a rally to $2.50. On the other hand, a close below $2.02 would negate this bullish setup and lead to a fall to $1.90.
For further context, in the past 24 hours, XRP price lost 6.15% and currently stands at $2.05. Moreover, it became the worst-performing among the top 10 altcoins. Meanwhile, Bitcoin (BTC) lost a smaller share of its value at 2%. This general market decline is indicative of global economic uncertainty concerns.
Meanwhile, Bloomberg analysts indicate that options investors are hedging against Bitcoin dropping below $80,000 as tensions in trade continue to rise. In the meantime, Japan’s Nikkei index fell more than 4% on Monday, further depressing risk asset sentiment.
Adding to the woes, XRP search interest has reached its lowest point of 2025, as per Google Trends. Even after Ripple’s win against the SEC, public interest in XRP is subdued. Nonetheless, future catalysts like ETF approvals are expected to reignite interest.