XRP Range-Bound as Retail Interest Remains Strong
XRP continues to trade within a narrow range, struggling to break above key descending moving averages. Despite this, retail interest in XRP derivatives remains strong, with perpetual futures Open Interest (OI) reaching an average of 2.41 billion XRP on Monday.
This represents a 12% rise from August 5, and if this momentum persists, XRP may be able to defend its key $1.00 support level. US-listed XRP spot Exchange-Traded Funds (ETFs) also attracted $1.01 million in inflows last week, further bolstering the bullish sentiment.
However, technical analysis suggests that XRP remains under pressure, with the Relative Strength Index (RSI) hovering near 40 and the Moving Average Convergence Divergence (MACD) in negative territory. The pair's price action is also being capped by a downward resistance trend line near $1.05.