XRP's price has shown a recovery of nearly 7% over the past week, attributed to a crypto market rebound and developments in Ripple's legal battle with the SEC. Currently priced about 30% lower than its multi-year high of $3.40, XRP faces potential support risks as on-chain data indicates weak buying activity. The cumulative open interest in XRP's perpetual futures has remained below $4 billion since early March, contrasting with a peak of $7.86 billion in mid-January. Negative funding rates have persisted, suggesting bearish sentiment in the market, while the spot cumulative volume delta shows more selling than buying activity. Whale activity has also been stagnant, which typically dampens market volatility. Key support levels are being monitored, particularly around $2.40. If breached, XRP could target a lower range between $2.22 and $1.90. Analysts indicate that without significant momentum from larger holders, XRP may continue to consolidate within a tight range unless new market catalysts arise.

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