XRP's price recovery is on track with a bullish V-shaped recovery pattern targeting $3.40. The open interest in XRP futures surged by 53% from $3.61 billion to $5.53 billion, indicating strong bullish sentiment despite a recent 2% decrease in price to around $2.40 as of May 16. Analysts suggest that maintaining support above $2.60 is crucial for XRP to reach higher targets. The relative strength index (RSI) has risen, suggesting increasing bullish momentum. Historical patterns indicate that recent open interest increases have often preceded significant price rallies. Analysts predict that if XRP can break above $2.60 and sustain support levels, it could reach the $3.40 neckline of its V-shaped recovery, representing a potential 40% increase from current levels. The overall market sentiment appears neutral but positive, with continued speculation about XRP's potential to retest multi-year highs.

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