XRP Hovers Near $1.40 as Derivatives Markets Reflect Growing Bullish Sentiment

XRP is hovering near $1.40 after successfully defending its short-term support at $1.38. The token's derivatives market shows a modest increase in exposure, with futures open interest rising to 2.24 billion XRP and the open-interest-weighted funding rate remaining positive at 0.01%. This suggests that traders are committed to their long positions despite the recent consolidation.

A daily close above $1.42 could pave the way for a breakout towards $1.50, with potential further gains up to $1.70.

While the relative strength index remains in bullish territory, technical indicators show that momentum has moderated, making the current resistance level critical for XRP's next move. The 200-day exponential moving average near $1.36 provides support if prices drop below this level, which could increase selling pressure and expose the 50- and 100-day EMAs.