XRP Price Today: Is This Pullback a Good Opportunity to Buy?

XRP (XRP) has gone down by 4.3% in the past 24 hours and currently sits at $2.45 as the market has taken a breather after days of rallying.

Trading volumes have retreated a bit but they are still above the 14-day average as participation rates have increased.

Open interest in XRP futures has been trending higher since the April 22 bullish breakout, moving from $3.2 billion back then to $5.4 billion at the time of writing.

This indicates that traders’ interest in participating in the rally has increased as well, which supports a bullish XRP price prediction.

Back in January, when the price came close to its all-time high, open interest surged to nearly $7.7 billion, so this figure is still low compared to historical patterns.

Ripple has been securing more and more listings for its Ripple USD (RLUSD) stablecoin in the past few months.

Data from CoinMarketCap indicates that the stablecoin’s market cap has jumped from $50 to $300 million in less than 3 months.

As RLUSD gains popularity among institutional and retail customers, XRP will strengthen its ecosystem and move closer to achieve its vision of becoming the leading decentralized cross-border payments solution.

XRP Short-Term Moving Averages Post ‘Golden Cross’

Looking at the chart, XRP is still on track to reach a long-standing target of $3.2 that comes out of its former descending price channel.

The height of the channel is typically used as a reference to determine how high an asset can go after a bullish breakout.

Meanwhile, XRP’s 21-day exponential moving average (EMA) has now crossed above the 50-day EMA. This ‘golden cross’ supports a short-term bullish outlook for the token as it indicates that the uptrend is gaining momentum.

Both the short-term and long-term EMAs are trending higher and pointing upwards and trading volumes are strong. This is a great combination that should catalyze a big push in the next following days for XRP.

As long as the price stays above the 200-day EMA, the rally should keep marching onwards to new heights.

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