Ripple’s price has increased by more than 4.5% in the past 24 hours, pushing its total weekly gains above 6%.
While the cryptocurrency’s valuation is seeing a notable uptick, other important metrics are also moving forward.
XRP Price Outlook
The entire cryptocurrency market has gone through a notable uptick in the past 24 hours, with Bitcoin attempting to push above $61K.
This has also strengthened the XRP price outlook, providing a considerable increase of more than 4.5% at the time of this writing. The altcoin is trading above $0.6.
Some analysts have made very positive Ripple price predictions. The X user, who goes by the handle of CRYPTOWZRD, recently argued that XRP’s price is very bullish, while Crypto Rover, on the other hand, argued that it’s gearing up for a huge breakout.
While the price is pushing forward, so are other important market metrics.
Interesting Market Dynamics at Play for Ripple
To give the move more substance and perhaps attest to a larger rally in the short term, XRP’s daily trading volume soared by more than 60%.
The open interest, which sums up the total number of open positions on XRP trading contracts, is also up by 13%. This is usually a precursor to volatility.
Interestingly enough, XRP Options Volume also soared by a whopping 150%, while the options open interest is up by almost 90%.
