Will XRP Pull a 2017-Like Rally and Hit $5 Amid Open Interest Hitting All-Time High?

XRP continues to be the talk of the crypto town based on its boss move, which saw the altcoin breach the psychological price of $1 after failing to do so for more than three years.

As a result, this development is being welcomed with open arms since XRP had been engulfed in a 4-year symmetrical triangle, given that stagnation was the order of the day.

With XRP at the $1 level, hope has been renewed that the sixth-largest cryptocurrency is destined for greater heights. Economist Mikybull Crypto acknowledged, “If $XRP pulls a 2017 rally, then $9-$10 is in view. My conservative targets are $3-$5.”

Source: Mikybull Crypto

Given that XRP finds itself embedded in an ascending channel pattern, the altcoin is eyeing the $3 to $5 zone, which will act as a stepping stone toward the $9 to $10 level.

An ascending channel is a chart formation that shows an uptrend since higher highs and higher lows are engulfed between two parallel lines.

Therefore, the XRP ecosystem is painting a bullish picture. The crypto is traversing the $1.11 area thanks to a weekly surge of 70.6% as it eyes a 2017-like rally that will trigger a new all-time high (ATH).

XRP’s Open Interest Explodes

XRP’s open interest in the futures market has been wildly volatile since reaching a record high of $2.10 billion.

As a result, talks are high that XRP might be gearing up for another rally because heightened open interest signals strong bullish sentiment and market activity.

Therefore, speculation has gone through the roof that XRP is destined to greater heights based on increased hedging by large players and institutional investors.

Meanwhile, Gary Gensler’s exit from the United States Securities and Exchange Commission (SEC) scene is being deemed as the silver lining that will trigger a massive XRP price explosion since Ripple’s prolonged legal battle will come to a halt.